MLIM goes back to its roots

Merrill’s asset management business, MLIM, is getting back to its retail roots. Originally established in the US to serve the private-client business, MLIM grew, in part by the acquisition of mercury Asset Management in the UK, to become an institutional asset manager. Now, says Bob McCann, vice-chairman of the wealth management group that comprises GPC and MLIM: “We have developed a third-party retail business that is profitable and growing fast.”

The relationship between MLIM and retail clients, however, has not always been smooth.