CANADA - Merrill Lynch has revealed plans to focus solely on its institutional and corporate activities in Canada in that country after it sealed a deal with CIBC to hive off its private client businesses there.
Merrill has reached an agreement with CIBC to sell its Canadian private client and asset management businesses - Merrill Lynch's International Private Client Group (IPCG) and part of Merrill Lynch Investment Managers (MLIM) - for a sum of between C$500m and C$600m depending on the number of financial consultants joining CIBC Wood Gundy, the parent's private client brokerage unit.
Both deals are subject to regulatory approval and are expected to be completed by December 2001, and January 2002 respectively.
The sale by Merrill Lynch does not include the firm's corporate and institutional businesses.
We are committed to maintaining our presence in Canada and we will seek to build on our leadership position in serving corporate and institutional clients, said Arshad Zakaria, co-head of Merrill Lynch's Corporate and Institutional Client Group (CICG).
We will continue to leverage all of our firm's global resources on behalf of our corporate and institutional clients in the region. By Madhu Kalia
This week's top stories include ITS' management buyout from Mercer, and The Pensions Regulator launching a probe into single-employer defined contribution schemes' default funds.
People retiring in the UK will on average outlive their pension savings by 10 years, according to research by the World Economic Forum (WEF).
Steps to improve auto-enrolment are uncontroversial and obvious, but the government is dawdling on introducing the necessary changes, argues Jack Jones.
Professional trustees will be expected to apply for accreditation as part of a framework intended to be launched on 1 July by the Professional Trustee Standards Working Group (PTSWG).