DSP Merrill Lynch on Tuesday restructured its global markets & investment banking business in India. Engaged in institutional sales, trading and investment banking, GMI is the firm's largest operating division by revenue and profitability.
Amit Chandra has been elevated to the position of managing director from joint managing director. He will head GMI for India. He will be responsible for the firm's equity, debt, investment banking, and principal investment businesses in the country. Chandra will continue to serve as a member of the DSP Merrill Lynch board.
Nozer Shroff and Kaku Nakhate, executive vice-presidents of the company, will serve as co-heads of equities business in India, with expanded responsibilities for new business initiatives in that space.
Jayesh Mehta will continue as head of debt markets in the country with additional responsibilities for certain key new initiatives. Previously, Jayesh was heading the debt trading business.
Rajiv Garg, director, Merrill Lynch, Hong Kong, will move to DSP Merrill Lynch, as head of Global Asset Backed Financing Group in the country.
Kumar Shah, the firm's chief financial officer, will now take on additional responsibility as the chief administrative officer of the firm.
Andrew Holland, who was previously CAO and executive vice-president of research at DSP Merrill Lynch, will now become head of the Strategic Risk Group in India where he will lead the equity proprietary trading activities of the group. In addition, Andrew will also build a global research group for SRG's activities overseas.
"The new organisational configuration further reinforces Merrill Lynch's commitment to India, to the partnership and to its clients," the company said in a media release.
The new structure would allow the firm to work in a more integrated fashion across the breadth and depth \of Merrill Lynch's global distribution and product platform, it added.
Merrill Lynch recently scaled up its holding in DSP Merrill Lynch to 90 per cent.
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