DSP Merrill Lynch, the Indian financial services manager, plans to double its headcount in the global private client business and to triple assets managed in India to about $20 billion by 2009, as it seeks to earn more fees from a growing number of wealthy people in the country. "Currently, we have 250 people managing the global private client, which in the next two years would go up to 550," said Merrill’s global private client managing director Rahul Malhotra. DSP Merrill Lynch currently manages about $6.5 billion assets of high net-worth individuals, including non-resident Indians. Non-resident Indians have an estimated $1 trillion in investable assets, and are looking to put more of that money into India, Mr Mahlhotra said, and there are about 22 to 23 million overseas Indians worldwide. The increase in headcount will have an exponential impact on asset management, said Mr Malhotra, adding, "we expect assets under management to more than double by 2009". As part of expansion strategy, the company opened an office in New Delhi and over the next 12-months it will expand its network in Chennai, Kolkata and Bangalore. Merrill said in March it plans to open as many as 20 offices in India in three years as it expands into a dozen cities, including Pune, Jaipur, Chandigarh, Ahmedabad and Ludhiana. Merrill is increasing its presence to meet the needs of clients who are seeking more sophisticated and innovative ways to invest in the market, said Mr Malhotra. The firm was also planning to start new business verticals like REITs, commodities and commodities-based products. Merrill is competing with UBS, Citigroup and other private banks for more of the assets created as India's $854 billion economy expanded an average 8.6 per cent annually during the past four years, the fastest pace in six decades. Merrill has been expanding private banking in the country after increasing its stake in an Indian investment banking and wealth management venture with DSP Financial Consultants to 90 per cent from 40 per cent in December. Merrill paid DSP founder Hemendra Kothari $500 million in the transaction.