BoA hires Michael Benz to head Merrill Lynch Asia Wealth Management

The wealth of Asia Pacific high net worth individuals (HNWI) stood at $9.7 trillion at the end of 2009, up 30.9% from a year earlier and above the $9.5 trillion held by Europe’s HNWIs, according to the Merrill Lynch CapGemini 2010 World Wealth Report

Bank of America has hired Michael Benz as head of Merrill Lynch wealth management Asia Pacific. He will succeed Antony Hung, who announced his plans to retire at the start of September. Wilson So, head of north Asia global wealth management, will serve on an interim basis as head of Merrill Lynch Asia Pacific Wealth Management until Benz officially starts in the first quarter of 2011.

Based in Hong Kong, Benz will be responsible for managing all aspects of wealth management and private banking