Merrill promotes two in private equity

Merrill Lynch & Co. Inc. has announced that it will expand its private equity efforts and promote two managers. The New York-based financial services company said that Ahmass Fakahany and Gregory Fleming were appointed to the positions of co-presidents. Mr. Fakahany had served as chief administrative officer and vice chairman and Mr. Fleming as executive vice president and co-president of the investment bank. Prior to his current post, Mr. Fleming served more than five years as the head of Merrill's financial institutions investment banking group, while Mr. Fakahany served as Japan region chief financial officer and regional controller for Merrill Lynch in Europe, the Middle East and Africa. Dow Kim, head of global markets and investment banking, told the brokerage he plans to leave by the end of the year to start a "multistrategy, private investment firm." Merrill said it expects to be the initial client of the firm and that Mr. Kim would also serve as an advisor to senior management for a transition period.