Merrills launches three year structured product

By Robert Stock Merrill Lynch Investment Managers (MLIM) is to launch a structured product offering investors a choice of income or growth. Merrill Lynch Defined Returns will have a three-year life and has income shares offering 8.5% gross annual income paid quarterly and zero dividend shares offering returns of up to 27.75% at the end of its three-year life. The closed-ended fund, constructed by the group's structured products team, has its returns linked to the performance of a basket of 30 global blue chip equities including Lloyds TSB, BP Amoco, General Motors and Procter & Gamble. ...