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Arshad Zakaria appointed Merrill Lynch co-president

Our Correspondent in Bombay

Merrill Lynch has appointed Arshad Zakaria and Paul Roy as co-presidents of corporate & institutional client group with executive responsibility for global investment banking, debt, equity and securities services divisions.

Both will serve on the executive management committee, the apex body of Merrill Lynch & Co. Inc., a global leader in financial management and advisory services.

At 39, Zakaria is one of the youngest Indians to be elevated to this coveted position on Wall Street.

Arshad is the son of Dr Rafiq Zakaria and Fatima Zakaria.

The CICG business accounted for almost half of Merrill Lynch's revenues of $27 billion during the last year. The CICG group holds a leading market position in investment banking and strategic advisory services, equities and debt capital markets, trading and institutional sales and securities research.

An alumnus of Cathedral and John Connon School in Bombay, Zakaria joined Merrill Lynch in 1987 in investment banking and was named managing director in 1991.

He served as chief operating officer and later as head of global corporate finance group within investment banking.

Arshad, a graduate in applied mathematics from Harvard University, received his MBA with high distinction from Harvard Business School, where he was a Baker Scholar and recipient of the Loeb-Rhoades Fellowship in Finance.

Commenting on Zakaria's elevation, David H Komansky, chairman and chief executive officer, and Stan O'Neal, president and chief operating officer of Merrill Lynch, said, "As co-president of CICG, Arshad brings well-honed and complementary leadership skills to this important business. Arshad brings remarkable intellect to this position, along with a keen understanding of investment banking and the company's risk and credit profile around the world."

Hemendra Kothari, chairman, DSP Merrill Lynch, said: "Arshad's appointment is a matter of great pride as it is yet another recognition of Indian brain power at the global level. I am sure he will impart a great deal of comfort and support for our Indian clients."

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets of more than $ 1.6 trillion.

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