To reach affluent women and African-American investors, Merrill Lynch & Co. has started two units that will try to hire minority advisers in an effort to develop more relationships with the target groups.
The new units, which were introduced Thursday, expand the New York brokerage company's multicultural and diversified business development group that was started in 2001. Caroline Gundeck was promoted to run the women's business development group, and Keith B. Henry was named to run Merrill's African-American markets.
Ms. Gundeck, 40, is to be responsible for expanding Merrill's wallet share among high-net-worth female investors. She said she would focus on business growth through campaigns targeting women business owners, executives, and philanthropists.
"A lot of firms are targeting women and …