Chris Selby has taken over from Tom Alexy as head of Merrill Lynch's global wealth management in Australia and New Zealand. A statement from the firm said he would seek to expand the wealth advisory business in line with market opportunities.

Mr Selby is a 23 years veteran withMerrill Lynch, 22 of them in Australia; he has worked in debt capital markets, debt sales and trading and investment banking. He was previously in Merrill Lynch’s fixed income unit.

Mr Alexy left the firm earlier this year.