The wealth management arm of US-based firmMerrill Lynch is opening new offices in Russia and Turkey as part of an expansion into emerging Europe and the Near East, the firm has confirmed to WealthBriefing.

The firm is opening an office in Moscow and Istanbul, a spokeswoman for Merrill Lynch said, adding that it is expected "towards the end of this year". She was unable to give further  details.

Merrill Lynch is exploiting what it sees as the strong growth potential of the Russian market and the rapid growth in the number and wealth of high net worth and ultra-HNW individuals in the energy-rich country. Turkey is also seen as potential source of growth.