Merrill Lynch has created a new organization called Global Private Client Group, combining the firm’s U.S. and International Private Client Groups.

The new combined group will be headed by James Gorman, executive vice president and current president of U.S. Private Client. Kelly Martin, president of the International Private Client Group has decided to retire from Merrill Lynch after 21 years. He oversaw the sell off of the firm’s Canadian retail operations about a year ago.

Martin will assist in the transition to the expanded Global Private Client Group structure. Martin

“To take our private client business to the next level of profitable growth, we need to recognize that increasingly it is a global business, and manage it as such. The evolving marketplace for wealth management makes the distinctions between ‘U.S.’ and ‘international1 obsolete,” said Stan O’Neal, Merrill CEO.

“James Gorman, a talented executive of broad experience who has done an excellent job leading the U.S. Private Client Group, will work with a leadership team drawn from around the world to magnify the benefits that a global organizational structure can bring to clients and employees, whether they reside in Europe, the Americas or Asia.” O’Neal said.

O’Neal said Martin has done an excellent job reshaping and refocusing the international business. Gorman, had been president of the USPC group since May 2000, and was responsible for managing the firm1s financial advisory force, as well as the wealth management services of the firm. He joined Merrill Lynch in July 1999 as the chief marketing officer. Earlier, he was a senior partner with McKinsey & Co., New York.