A few moves have taken place in Merrill Lynch. Firstly, it has named Gregory A. Bundy as President of Merrill Lynch Asia Pacific and Australasia. He will succeed Kevan Watts, Executive Chairman for Asia Pacific and John Magowan, CEO for Australasia, respectively. He will be responsible for managing the newly consolidated region from offices in Hong Kong and Sydney.

Bundy will report jointly to Tom Davis, President of the Corporate & Institutional Client Group and Win Smith, President of the International Private Client Group, and Jeff Peek, President of Merrill Lynch Investment Managers. He is currently co-head of the Americas for Merrill Lynch Investment Managers (MILM) and was formerly co-CEO of Merrill Lynch Australasia.

Messers. Davis, Smith and Peek said: "With his extensive international experience in Japan and Australia and his knowledge of the institutional, private client and asset management business, Greg is ideally suited to help us identify and seize the growth opportunities in Asia Pacific and Australia."

Secondly, Kevan Watts will be co-head of global investment banking, along with Dan Bayly, based in London. He will be responsible for enhancing the breadth and depth of Merrill's global investment banking franchise. Thirdly, John Magowan is retiring from the position of CEO for Australasia. He has been with Merrill Lynch since 1997.

Messrs. Davis, Smith and Peek said: " Under JohnÆs leadership, Merrill Lynch has become the leading financial services firm in Australasia, with top positions in private client, asset management and investment banking."

Last but certainly not least, Michael Tilley will remain Chairman of Merrill Lynch Australasia.