NEW YORK, Jan. 11 /PRNewswire/ -- Merrill Lynch (NYSE: MER) announced
today that Jacob A. Frenkel, the outgoing Governor of the Bank of Israel, will
be joining the firm in a dual capacity as Chairman of the Sovereign Advisory
Group and as Chairman of the Global Financial Institutions Group. The
appointment is effective immediately.
Governor Frenkel will lead Merrill Lynch's efforts to develop its global
business strategies with sovereign governmental entities, with supra-national
agencies such as the multilateral financial institutions, and with banks and
other financial institutions. He will work to develop and enhance the firm's
relationships with these entities across the global investment banking, debt
and equity businesses. He will have global responsibilities and will focus
particularly on Europe, the Middle East and Latin America.
"Jacob Frenkel has had an exceptionally distinguished career as an
internationally prominent academic, a leading figure in the IMF, as well as a
visionary and highly successful policy maker," said Chairman & CEO David H.
Komansky. "As Governor of the Bank of Israel he is credited with liberalizing
Israel's financial markets, removing foreign exchange controls and reducing
inflation to the levels prevailing in advanced economies. His sophistication
and his vast experience dealing with issues in the global marketplace as well
as dealing with governments and financial institutions will be of great value
in helping us to shape our global business strategies and enhance our client
relationships."
Governor Frenkel said: "I am looking forward to joining Merrill Lynch,
which is uniquely positioned to contribute to the ongoing dramatic
modernization and structural changes taking place in the world's economic
system and especially in the global financial industry. My new position and
responsibilities will provide me with the excellent opportunity to combine my
past experience in academia, in the IMF and in central banking, in order to
perform my challenging global role as Chairman of the Sovereign Advisory Group
and Chairman of the Global Financial Institutions Group. I am looking forward
to the exciting opportunity for a productive interaction with my new
colleagues at Merrill Lynch."
In his new position, Governor Frenkel will be a member of Merrill Lynch's
Executive Committee for Europe, Middle East and Africa (MLEMEA), headed by
Michael Marks, Executive Chairman for MLEMEA, and a member of Merrill Lynch's
Executive Committee for Latin America, headed by Rick Fuscone, Executive
Chairman for Latin America and Chief Operating Officer for the firm's
Corporate & Institutional Client Group.
Born in Israel, Governor Frenkel earned a B.A. from the Hebrew University
and an M.A. and Ph.D. in economics from the University of Chicago. He was on
the faculty of the University of Chicago from 1973 to 1987 where he served as
the David Rockefeller Professor of International Economics and as Editor of
the Journal of Political Economy. From 1987 to 1991, he served as the
Economic Counselor and Director of Research at the International Monetary
Fund.
In 1991, he was appointed Governor of the Bank of Israel and was
reappointed to a second term in 1996. During his tenure, he served with Prime
Ministers Shamir, Rabin, Peres, Netanyahu and Barak. He has also served as
Chairman of the Board of Governors of the Inter-American Development Bank
(IDB) and as Vice Chairman of the Board of Governors of the European Bank for
Reconstruction and Development (EBRD). He is also a member of the Group of
Thirty, a fellow of the Econometric Society, a Foreign Honorary Member of the
American Academy of Arts and Sciences, a Member of the Advisory Committee of
the Institute for International Economics and a Research Associate of the
National Bureau of Economic Research. He also serves on the faculty at Tel
Aviv University.
Governor Frenkel is the recipient of distinctions and decorations from
government institutions, and has been awarded several honorary doctoral
degrees and prizes from universities.
"We see enormous opportunities for Merrill Lynch in Europe, the Middle
East and Latin America, and we will greatly benefit from Jacob Frenkel's broad
experience in academia, central banking, and international finance, as well as
from the key roles he has played with the IMF, the EBRD and the IDB," said
Messrs. Marks and Fuscone.
Merrill Lynch is one of the world's leading financial management and
advisory companies with offices in 44 countries and total client assets
exceeding $1.5 trillion. As an investment bank, it is the top global
underwriter and market maker of debt and equity securities and a leading
strategic advisor to corporations, governments, institutions, and individuals
worldwide. Through its Asset Management Group, Merrill Lynch is one of the
world's largest managers of financial assets with approximately $514 billion
under management.
SOURCE Merrill Lynch
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CONTACT:
Timothy Gilles of Merrill Lynch, 212-449-0475
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