Kaku Nakhate rejoins Bank of America Merrill Lynch

Kaku Nakhate will return to Bank of America Merrill Lynch as country head of India barely a year after she moved to J.P. Morgan.

Nakhate will replace current country head Kevan Watts, who plans to retire later this year. She will report to Asia-Pacific president Brian Brille.

Nakhate moved to J.P. Morgan in May 2009 to become vice-chairman for the bank's India operations. She was head of global markets for the Merrill Lynch India subsidiary, DSP Merrill Lynch, when she jumped ship to J.P. Morgan, taking with her five other senior employees. The defection of Nakhate and team was a fillip for J.P. Morgan's equities and derivatives business. Some sources are speculating she could now entice some of those who moved with her back to BoA Merrill.

"Nakhate is moving back to a firm she is very familiar with, in the head honcho's job," said a banker working with a competing firm. "The pull factor was probably too strong to resist."

Nakhate has held several senior positions in global markets and equities at DSP Merrill Lynch, where she worked for more than 18 years.

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

Kevan Watts is retiring later this year after 29 years with Bank of America Merrill Lynch during which he worked in New York, London, Hong Kong and Mumbai.