Merrill Lynch's global private client group has taken on a team of three private bankers from Bear Stearns, after the US bank's private client team was shut down as part of the rescue acquisition by rival JP Morgan in March.

Merrill Lynch's global wealth management group announced the appointment of the team of three, headed by Mazy Moghadam and reporting to Nick Tucker, market leader for UK and Ireland, global wealth management, and Frederic Hilal, director of Monaco, GWM.