Merrill Lynch is further segmenting the affluent market by reaching out to minorities. To spearhead the efforts, the firm created the Merrill Lynch Multicultural and Diversified Business Development Group under Subha V. Barry, first vice president. The initial targets of the group were the Asian-Indian and Hispanic communities.

Now Merrill is broadening the effort to reach women and African-Americans. To expand into those niches the firm promoted Caroline Gundeck to head Women's Business Development and Keith Henry for its African American Market efforts. It has also created the African American Virtual Network to train minority advisors in Merrill branch offices.

Both Gundeck and Henry are long-time Merrill Lynch veterans with tenure dating to the mid-1980s.  

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