The memo from Wayne Yang, head of the Pacific Rim private banking and investment group for Merrill, showed that the US firm has hired or transferred from other departments seven top bankers in an effort to boost its private banking capabilities around the region. The private banking and investment group was set up last year to deliver services across global markets, investment banking, and wealth management platforms to ultra-high-net-worth clients.

Targeting Southeast Asia growth is Alston Beinhorn, who joined in February as managing director of investments for Merrill Lynch in Singapore. He worked for 27 years at Citigroup in the US, the UK, Canada and most recently, Singapore, where he was global market manager.

Richard Hogan, also joined in February as managing director of investments, and transferred earlier this year to Singapore from Merrill Lynch in California

For the Hong Kong and China business, Albert Ip joined in March as managing director of investments. Previously, Mr Ip spent 20 years at Citi in the region. Meanwhile, Alfred Tsai joined the firm from Credit Suisse in April as a managing director of investments. Mr Tsai was previously the mainland market head at Credit Suisse and, prior to that, the China team head of the wealth management group at UBS in Hong Kong.

Chan Kwee Him, managing director of investments, joined Merrill in April from Citigroup Private Bank. He has more than 20 years industry experience and has led wealth management teams at Coutts Bank and UBS. He will be based in Singapore. Stanley Puah, executive director of investments, Wandy Syahrir, executive director of investments, and Winnie Ngoh, director of investments, were added to this team in May.

Hai Yan Yang, director of investments, joined in May from Deutsche Bank, where she had been a relationship manager covering China clients for the past three years. She will be based in Hong Kong and work with the investment banking team in China.

Radhika Haribhakti joined as an executive director of investments in Mumbai to spearhead efforts in building up the India market. Before joining Merrill she held responsibilities in the office of the chairman at DSP Merrill Lynch in Mumbai.

Merrill Lynch senior executives have already said earlier this year that expanding wealth operatioins in Asia was a key aspect of the US firm's future strategy, according to various media reports.