Merrill caters to India’s newly rich

Merrill Lynch & Co. Inc. will more than double its private client banking team in India to serve that country’s growing wealth sector.
DSP Merrill Lynch, in which Merrill holds about 90%, will bump up the number of financial advisers to over 500 from 250, and expand its products and services across India, according to a statement cited in a Reuters report.
DSP Merrill Lynch manages about $4 billion in assets in India.
The number of wealthy individuals in India with $1 million or more to invest grew by 20.5% to 100,015 last year, according to the Merrill Lynch Capgemini World Wealth Report 2007.