DSP Merrill Lynch has strenghtened its investment banking team in India. It has added Shrishail Shetty as director for its investment banking division. Shetty was till now working with ABN Amro Bank’s financial institutions group in London. Akbar Khan has also been added as another director in the investment banking team. Khan was moved from Merrill Lynch’s London office to DSPML’s Mumbai office three months ago, reports Economic Times.
But DSPML has also seen some exits from its top management last month. Andrew Holland, the former head of Strategic Risk Group at DSP Merrill Lynch, left for Ambit Capital as its CEO. He also took his team at DSPML along with him. Also Pankaj Kalra, who was heading the general industries investment banking group at DSP Merrill Lynch, left for Credit Suisse.
While Merrill Lynch holds a 90% stake in DSPML, which will go to Bank of America after its acquisition is completed, the other 10% is held by Hemendra Kothari and associates. BoA agreed to acquire Merrill Lynch in a $50 billion all-stock transaction on September 16.