UK - Merrill Lynch Investment Managers (MLIM) recorded a net inflow in assets under management of US$12bn in the third quarter, with total assets under management reaching $524bn.
MLIM said the $524bn was up 10% on the previous year with net inflows in Q3 boosted in part by the strength of institutional business in Europe and the Americas.
Net inflows for Q3 represented the highest net inflows in 19 quarters.
MLIM's growth was also attributed in part to Philips’ decision earlier this year to hive off its e13.5bn pensions asset management business to the firm. This accounted for $18bn of the $524bn recorded at the end of Q3.
MLIM said Q3 2005 net revenues were $456m, up 22% from Q3 2004, driven by “higher average long-term asset values, as well as an improvement in the fee profile of assets under management”.
Stan O'Neal (pictured), chairman and chief executive officer of Merrill Lynch, said: Our broad scope of investments over the past two years, in new people, businesses and technology, has enhanced our ability to serve clients and grow our business. As these investments mature, they will further enhance our capabilities and results.
Pretax earnings were $162m, up 46% from the year-ago quarter, due primarily to higher net revenues, but also lower non-compensation expenses, which included a net insurance recovery of $15m related to previous litigation. MLIM's pretax margin was 35.5%.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.