Merrills loses fund management heads

Carol Galley and Stephen Zimmerman, two of Merrill Lynch's executives who run the firm's $550bn fund management business, are to retire. Galley, 52, and Zimmerman, 51, joined Merrills in 1997 when they sold Mercury Asset Management to the US securities firm for about $5.2bn the highest price ever paid for a fund management company, according to Bloomberg data. "Galley is one of the most successful and influential investment managers of her generation," said Nigel Russell, head of Edinburgh-based fund industry consulting firm NJR Research. Merrills has struggled to retain UK pen...