BofA Merrill Lynch has hired a former Credit Suisse banker to lead its wealth management operations in southeast Asia.

Bank of America Merrill Lynch has hired former Credit Suisse banker Lim Eng Guan to lead its wealth management business in southeast Asia, according to media reports citing unnamed sources. He is to join as a managing director and head of global wealth and investment management for the region, taking over from Kong Eng Huat, who has recently retired.

Lim, who went to Credit Suisse in 2008 after 15 years at Citi, was managing director and market leader at Credit Suisse's private banking unit in Singapore. He will remain based in Singapore, reporting to Anthony Hung, head of Asia-Pacific global wealth management for Merrill.

BofA/Merrill is part of a strong trend of Western wealth management firms adding to their headcount in Asia, particularly in financial centres such as Singapore and Hong Kong. Banks such as UBS, RBS Coutts, Standard Chartered, Julius Baer and Credit Suisse, for example, have announced hires and hiring plans in recent weeks and months.

BofA/Merrill - a group formed by BofA's takeover of Merrill that was completed in January 2009 - is now the world's largest wealth management firm by assets, although it remains, so far, a predominantly domestic US firm.