MERRILL'S ON THE BALL
On Wall Street, September, 2007 by DAVE LINDORFF
AT A TIME WHEN MANY INVESTMENT BANKS AND BROKERAGES are struggling to move into the lucrative area of private wealth management (PWM), industry giant Merrill Lynch seems to have found most (if not all) of the answers. With the acquisition earlier this year of First Republic, Merrill-already one of the top PWM firms in the country-is being hailed in a report by competitor Goldman Sachs as the one to beat.
First Republic should allow Merrill's "already best-in-class financial advisors" to better service the liability side of clients' balance sheets, write the Goldman analysts. At the same time, they say, the firm will have an increasing advantage in attracting financial advisors in what is, by all accounts, a very tight market.
Les Carter, principal of executive...
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