Wealth management company Merrill Lynch HSBC has appointed David Pitman, its head of international development, as sales and marketing director.
The appointment follows the departure of UK marketing director Greg Hill,who has taken voluntary redundancy to return to America.
Alongside his existing role, Pitman will control sales and marketing across the UK, Asia, Hong Kong, South America and Bahrain.
Hill’s departure is part of a restructure at Merrill Lynch HSBC, which involves the joint venture drastically cutting back its international expansion plans. The company no longer plans to open offices across the world, apart from in the US and Canada. Its services will now be Internet and telephone based, run from the UK.
Merrill Lynch HSBC was launched last May as a joint venture between the two companies, but the company’s performance has so far been disappointing.
Last month Merrill Lynch was reportedly trying to back out of the deal. A spokesman for Merrill Lynch HSBC declined to comment on the reports.
The company targets people with assets of £50,000-plus to invest, but the minimum amount needed to open an account is £10,000. As well as a high interest account, the company offers ISAs and share dealing.
Merrill Lynch HSBC’s launch was backed by a £10m campaign by Lowe Lintas.