Merrill Lynch is to move its London-based US equity management team to New York later this year. T...
Merrill Lynch is to move its London-based US equity management team to New York later this year.
The seven-strong team, led by Merrill Lynch American fund manager Richard Boon, has been building stronger links with its New York colleagues since Boon took over as head of the desk in August 2001.
'It's a natural progression as they have been working more and more closely with their US colleagues, which has been great for performance and it makes a lot of sense to have them much closer,' said Elizabeth Corley, Merrill Lynch head of distribution for Europe, the Middle East and Africa.
The entire investment team, including Boon, Merrill Lynch American Opportunities manager Ron Zibelli and Merrill Lynch American Smaller Companies fund manager James Skinner will transfer in coming months but Corley said the firm will maintain staff in London to look after client relationships.
Corley said there was no duplication between the two teams that could be stripped out following the move, suggesting no departures are likely as a result. 'We run our funds by very explicit guidelines and style and the funds the managers run here fit perfectly alongside funds run by the US office,' she said.
The £135.6m Merrill Lynch American fund has returned -31.2%, offer to bid, over the 12 months to 6 January, compared to a North America sector average of -33.7%, to rank 26 in a field of 88.
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