Merrill Lynch plans Isa and Pep launch

Merrill Lynch HSBC, the direct investing and banking joint venture, is to launch a no-load Isa and Pep in the weeks running up to Christmas. The product, which is aimed at the direct market, will enable investors to buy UK and US listed securities using American Depository Receipts known as ADRs. Also available through the no-load Isa will be the recently launched Global Growth Protected Investment Product which will track a basket of indices: the FTSE 100, the S&P 500, the Dow Jones Eurostoxx 50 and the Nikkei 225. It offers capital protection over a three year period, if held to matur...