New Segment Appointments for Merrill Lynch International Private Client Group

New Segment Appointments for Merrill Lynch International Private Client Group

Business Editors

NEW YORK–(BUSINESS WIRE)–Aug. 9, 2002

The global wealth management offering of Merrill Lynch’s International Private Client (IPC) group has been strengthened with the appointment of several new segment leaders, announced today.

“One of IPC’s business principles and the one that differentiates us, is client performance,” said Phil Sieg, managing director and global head of segments for IPC. “We are achieving this through our strategy of segmentation.” The segments are:

– International Private Investment Banking Group — serving very sophisticated

individuals with substantial wealth management experience and special product

needs. This includes ultra-high net worth individuals with investable assets of

more than US$25 million.

– Wealth Management Services — serving financially-sophisticated individuals

who are focused on building their wealth through personalized advisory

services. HNWIs are individuals with investable assets between US$1 million and

US$25 million.

– Financial Advisory Service — serving affluent individuals and new investors

who are seeking to increase their wealth with the help of expert advice.

Affluent individuals are those with investable assets below US$1 million.

– Institutional Services — serving mid-sized organizations, such as

businesses, banks, unions and financial intermediaries, which have special and

global investment and banking needs.

New IPIBG Segment Leaders

Ausaf Abbas, managing director, has been appointed head of the international private investment banking group (IPIBG) for Asia Pacific, including Japan. Mr. Abbas joined Merrill Lynch in 1985 and has held senior positions in investment banking, served as the chief operating officer and chief administrative officer for the Asia Pacific region, and recently helped lead the successful repositioning of IPC in Japan. He is based in Singapore and reports to Kelly Martin, president of IPC.

Edoardo Spezzotti, managing director, is head of IPIBG for Europe, the Middle East and Africa. He will focus on developing relationships with family-owned and family-controlled entities in these markets. Since 1997, he has served as Merrill Lynch’s co-head of investment banking in Italy, served as country manager for Italy, was chairman of the investment banking operating committee for Europe, the Middle East and Africa and was head of Merrill Lynch’s family enterprise group. He is based in London and also will report to Mr. Martin.

New Wealth Management Services Segment Leaders

Mr. Sieg said: “Delivery of a consistent and superior experience to our clients is a core objective of the wealth management services segment. To achieve this goal, each market requires a dedicated leader to provide access to the resources of the segment and deliver on our value proposition. To this end, we are introducing the position of wealth management services segment leader.”

Andrew Chan, managing director, was appointed wealth management services segment leader for Asia Pacific, including Japan. This new role is in addition to his current responsibilities as the head of banking, marketing and product development for the Pacific Rim. Mr. Chan has been with Merrill Lynch for 17 years and served as manager of IPC offices in Beverly Hills and San Francisco, as well as director of banking and fiduciary services for the Pacific Rim. He was instrumental in the successful marketing of offshore trusts and estate planning as well as treasury, credit products and liability management to Pacific Rim financial consultants. He is based in Singapore and reports to Mr. Sieg.

Nick Tucker, director, has been named wealth management services leader for Europe and the Middle East. Mr. Tucker joined Merrill Lynch in 1987 as a financial consultant in London office, managing clients from the Middle East; has served as sales manager of Dubai, as well as manager of the Sydney and the Monte Carlo offices; and was recently manager of the transnational office in London. He is based in London and reports to Mr. Sieg.

Mariam Kamshad, director, was appointed wealth management services leader for the Americas. Ms. Kamshad, previously sales manager of the New York international office, has served as a sales assistant in London, assisting clients from the Middle East, and helped create sales and trading teams there and in New York. She is based in New York and reports to Mr. Sieg.

New Financial Advisory Service Segment Leaders

Fernando Erhart heads the financial advisory services segment globally. Mr. Erhart was recently IPC market leader for Argentina, with responsibility for leading all business in the high-net-worth and ultra-high-net-worth segments in that market. He joined Merrill Lynch in 1981, and has held various positions with the Latin America Region including manager of the Panama and Buenos Aires offices.

Gary Tan heads the financial advisory services segment for Asia Pacific.

Hiroyuki Yamamura heads the financial advisory services segment for Japan.

Michael Silbaugh heads the financial advisory services segment for Europe, Middle East and Africa.

Mauricio Sanchez heads the financial advisory services segment for Latin America.

New Institutional Services Segment Leaders

Reinhardt Olsen, managing director, heads the institutional services segment globally. Previously, Mr. Olsen was head of U.S. financial institutions for Merrill Lynch’s global markets and investment banking group (GMI). He joined Merrill Lynch in 1989 and has held a variety of responsibilities in sales management, in both debt and equities, as well as product risk management, origination and human resources.

Andres de Corral, first vice president, has been appointed head of institutional services for the Americas, and focuses on non-GMI, mid-sized institutional clients throughout Latin America and Canada. Mr. de Corral has been with Merrill Lynch since 1986, and has had a wide range of experience, including in capital markets, sales and office management, product and marketing development and management of IPC’s New York sales office. He will be based in New York.

Kenichi Bando, managing director, will continue to head Merrill Lynch’s institutional services operation in Japan. This business, known locally as Business Financial Services, has been a highly successful operation. Mr. Bando joined Merrill Lynch as a financial consultant in 1985 and has since served as a managing director in GMI’s institutional client division, where he headed financial institutions and corporate sales. More recently, he was appointed to the Japan Private Client management committee and serves as an executive management committee member of Merrill Lynch Japan Securities Co., Ltd. He will continue to be based in Tokyo.

H.H. Choi, managing director, oversees institutional services in the Asia Pacific region. Mr. Choi joined Merrill Lynch as a fixed income salesperson and has held a variety of sales and management positions in South Korea, Singapore and Hong Kong. He managed IPC’s business in South Korea prior to joining Institutional Services. He will be based in Singapore.

“The appointment of these experienced professionals will strengthen our global offering and be very beneficial to our clients across different global markets,” said Mr. Raymundo Yu, senior vice president and head of IPC’s global markets group.

Merrill Lynch’s International Private Client group is one of the world’s pre-eminent private wealth management and advisory services. With a global presence, its financial consultants combine world-class global resources with local expertise and experience to add value to their clients’ wealth management. This individual-focused approach provides clients with personalized service, innovative products and customized solutions.

Merrill Lynch (NYSE: MER) is one of the world’s leading financial management and advisory companies with offices in 37 countries and total client assets of approximately $1.4 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com.

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