He has worked at the firm for 15 years.

Mr Hung, who continues to be a member of the Pacific Rim operating committee, will head Merrill Lynch's wealth management unit in the Pacific Rim region (Asia and Australia).

He will report to Bob McCann, president of Global Wealth Management, and Jason Brand, president for Merrill Lynch in the Pacific Rim.

Previously, Mr Hung was heading the Fixed Income, Currencies and Commodities division for the Pacific Rim and he would continue to hold the post till his successor is appointed.

As the head of FICC division, he was responsible for all sales, trading, liability management and structuring of fixed income, currencies and commodities products, along with principal investments in the region.

Mr Hung joined Merrill Lynch in 1993 in fixed income sales covering Greater China.