Bank of America Merrill Lynch is attracting the assets of rich Australians at the fastest pace in 18 months as markets recover from the global financial crisis, reports Bloomberg.

The bank’s high-net-worth clients, typically worth at least $5 million, are turning to bonds and equities after hoarding cash last year, Chris Selby, Bank of America Merrill Lynch’s head of wealth management for Australia and New Zealand, was quoted as saying by the news service.

Mr Selby, whose unit has about 400 customers in the region, says there’s still time to profit from the rebound by buying corporate bonds and stocks.

“If growth is out there, you’ll do better in a slighter higher-risk security than in cash,” said Mr Selby. “The way to do it is in a controlled way, probably more in fixed income.”

After interest-rate cuts worldwide, investors in Australia should trim cash, buy bonds of domestic and overseas companies, and “best of breed” shares in industries such as resources and financial services, Mr Selby was quoted as saying.

Bank of America Merrill Lynch’s Australian clients typically invest more than half their assets locally, said Mr Selby.