Merrill Lynch has set up a new hub for its private banking and investment group in Dallas, Texas. The new centre joins New York City, Chicag...

Merrill Lynch has set up a new hub for its private banking and investment group in Dallas, Texas. The new centre joins New York City, Chicago, Los Angeles, San Francisco and Atlanta as a Merrill private banking hub. The Dallas private banking centre is targeted at ultra high net worth individuals with at least $10 million in investable assets. The Dallas hub will employ around 50 people organized into six teams, with each one averaging 50 to 60 clients. Dallas is one of the fastest growing centres for millionaires in the US, with marketing information group Claritas projecting the number of millionaires to grow by 65 per cent in the next five years. Only Atlanta has a faster projected growth rate at 67.8 per cent. Currently Dallas has more than 36,000 millionaires, according to the research. In addition to standard investments and alternatives to stocks and bonds, Merrill's private banking teams plan to work with its family clients to develop a 100-year plan for their wealth. The bank plans to schedule family wealth conferences to educate the adult children of their clients on how to be a millionaire. The Dallas operation will handle clients in Texas, Louisiana, Arkansas and Oklahoma. There are plans to open a satellite office in Houston by the end of the year, and one in Austin to follow.