BofA Merrill Lynch India Head Returns

Vanessa Doctor

14 March 2010

Bank of America Merrill Lynch has rehired Kaku Nakhate as country head of India.

Ms Nakhate, who moved to JP Morgan less than a year ago, takes over from Kevan Watts, who has tendered his resignation this year. She held several key positions in DSP Merrill Lynch's global markets and equities business for over 18 years, the last among which was as head of global markets for its Indian unit. This was before she defected to JP Morgan with five other staff in May 2009.

"We are very pleased with the appointment and welcome Kaku back to the bank," said Mr Watts in a statement. "This is a critical milestone for our India plans and a continuation of our long-term commitment to India."

The South Asia country has been experiencing a rebirth of international interest after several researchers, the Capgemini and Merrill Lynch study included, revealed its strong potential to be a global wealth powerhouse, alongside China. BofA Merrill Lynch is bent on not being left behind.

Ms Nakhate's return to the company could spur a similar move among the employees she took with her when she left.