JP Morgan Private Bank has appointed Rahul Malhotra as managing director and market manager for India.

Malholtra brings 25 years of financial services experience and was most recently the head of wealth management for Asia at Merrill Lynch. Before that, he worked at Citibank as global head of NRI in London and as head of retail banking Asia in Singapore. His new role at JP Morgan will have him based in Singapore, where he will be reporting to Andrew Cohen, chief executive of JP Morgan in Asia. Malholtra will also be part of the bank's Asia operating committee.

India is one of the largest and fastest growing markets for ultra high net worth individuals in the world. In its statement, the bank said that the country's private wealth market had seen an over 50 per cent growth in 2009. JP Morgan Private Bank provides a diverse range of wealth management solutions to wealthy individuals and families, including tax and estate planning, family office management, philanthropy, credit, fiduciary services, and other special advisory services.