New York: Despite the volatile markets and the collapse of the technology bubble, the South Asian community in the United States continues to grow and build wealth, a leading financial services company has said.

In a report released on May 13, Merrill Lynch praised India's expertise in the Information Technology and software industries, saying it helped increase the wealth of many Non-Resident Indians (NRIs) in the US even though it also reduced their net worth as the Internet bubble burst.

The Indian community in the US was probably affected by these events more than any other expatriate community in the world, note some studies.

However, this is a "cohesive and resilient" community and many people have renewed vigour in their business operations and investments," first vice president and head of Merrill Lynch's multicultural and diversified business development group Subha Barry told reporters while releasing the report.

"This is one reason why Merrill Lynch is currently expanding its South Asian wealth management focus, which has grown strongly in the US over the past few years, around the globe," she said.

Merrill Lynch's multicultural and diversified business development group aims at making Merrill Lynch the pre-eminent wealth management firm among the diverse South Asian market.

PTI