Merrill Lynch has opened its first New England private banking office in Boston, the company's seventh private banking office in the US.

The area ranks seventh on Merrill Lynch's annual list of "zillionaire" cities in the US, with 4,406 households that have $10 million or more in investable assets.

"The market opportunity is wonderful here. Boston is very important to this organisation," said Doug Revere, New England regional director for Merrill Lynch's private banking and investment group.

Mr Revere will lead the new office which opened last week in the city’s financial district address with a staff of 32, who, together, are responsible for around $7 billion in client assets.

Merrill already has eight offices in the Boston area focusing on investments and financial planning for less affluent clients.

At the new private banking office advisors will work in six teams of between two and eight people, with each advisor handling no more than 75 clients.