Merrill Lynch has created a new team to serve ultra nigh net worth clients - or those with over $30 million in net assets - in Asia.

Reuters reports that the team, part of Merrill's private investment banking group, would be headed by the bank's head of Pacific Rim banking Damian Chunilal.

According to Reuters, other members of the team are Bonnie Haddon-Cave as chief operating officer, with Joseph Lam and Vincent Shen as private investment bankers.

The team will be completed with 11 senior investment bankers, including recently hired China expert Margaret Ren, and headed by Sheldon Trainor, Merrill's head of Asian investment banking.

Jason Brand, Merrill's Pacific Rim president, told staff in an internal memo that the team had been created to help the bank take advantage of the "rapid private sector wealth creation" in the Asia Pacific.

"The region is also unique in that many of its corporations are owned and/or controlled by ultra high net worth individuals creating an opportunity for significant synergies," Mr Brand said.