Whatever may be the fate of BoA Merrill Lynch's non-US wealth businesses, the firm is still growing at home, as shown by a new Silicon Valley office opening.

The private banking and investment division of Merrill Lynch has launched an office in Palo Alto to serve the technology and venture capital communities in this area of northern California, according to local media.

Located at 3075 Hansen Way, the new unit focuses on clients with at least $10 million to invest, the San Francisco Business Times reports.

The importance of the Silicon Valley area as a wealth management region has been underscored by last week's IPO of social media giant Facebook. According to one study, almost 1,000 millionaire "Facebookers" will be created by the stock float, although some analysts have continued to wonder about the sustainability of the price.

The opening of another Merrill Lynch office also highlights that, while parent firm Bank of America may be looking to sell its non-US wealth management firm, the business is still eyeing growth opportunities at home.

The office comprises about 16 Merrill Lynch staff, serving wealthy investors and employees in Silicon Valley who “tend to be younger and more entrepreneurial than Merrill Lynch's more traditional clients in their 50s,” the publication said.

“Estate planning is a huge part of our traditional business with clients in their 50s, but in many cases with younger clients, we need to lead them to it,” Brian Riley, managing director for Merrill's private banking and investment group, told the publication.