Watts is currently head of Merrill LynchÆs international business in Hong Kong, though he has been a member of the board of directors at DSP Merrill Lynch since 1997. He is considered a seasoned India hand, familiar with both the DSP Merrill franchise and the team on the ground. In his new role, Watts will work closely with Hemendra Kothari, founder and chairman of DSP Merrill Lynch. Kothari sold his stake in the Indian company to Merrill in 2005 and continues as chairman. Merrill Lynch currently owns 90% of the Indian business.
WattsÆs appointment will ôprovide further impetus to the firm's momentum in Indiaö, says the bank in a written statement, which goes on to say that Watts ôknows Indian clients well, understands the market and is closely acquainted with the India businessö.
Greg Fleming, president of Merrill Lynch, while commenting on the appointment termed India a critical growth market for the firm. He added that Merrill has an exceptionally strong franchise in India, with tremendous opportunities across products.
DSP Merrill Lynch has been strengthening its team and recently hired Jayanti Bajpeyi as head of origination and Monish Mahurkar as head of fixed income, currencies and commodity.
WattsÆs career at Merrill has spanned 27 years during which he has worked in New York, London and Hong Kong. His previous roles include head of European investment banking, co-head of global investment banking, chairman of Asia-Pacific, chairman of EMEA (Europe, the Middle East and Africa) and chairman of Merrill Lynch International. Watts moved to Hong Kong for a second stint in April 2007 in his capacity as head of Merrill LynchÆs international business.
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