NEW YORK, Jan. 14 /PRNewswire/ -- Merrill Lynch & Co., Inc., (NYSE: MER)
said today that assets under management surpassed $500 billion in the fourth
quarter of 1998.
Assets under management were $501.2 billion as of Dec. 25, 1998, the end
of the firm's financial year. The figure is the total amount of assets
managed worldwide in the firm's Asset Management Group, which provides
products and services to both institutional and retail clients.
"Reaching the half-trillion-dollar mark is a tremendous achievement, and
particularly gratifying in view of last year's volatility in world financial
markets," said Jeffrey M. Peek, Executive Vice President of Merrill Lynch, and
President of the Asset Management Group. "This milestone is further evidence
of the strength of the Merrill Lynch-Mercury alliance. Clients now have
access to top-quality products from both Merrill Lynch and Mercury through an
unparalleled global Private Client network."
In the fourth quarter, assets under management increased by $34 billion.
Of that amount, $15.9 billion was through Merrill Lynch Mercury Asset
Management, the group's institutional arm, while $18.1 billion was through
Merrill Lynch Asset Management, whose products are sold primarily to retail
investors.
During 1998, Merrill Lynch launched a worldwide mutual fund initiative,
introducing two Mercury funds to U.S. investors and 17 new mutual funds in
Japan. Merrill Lynch's Asset Management Group now manages $17.5 billion for
Japanese investors.
Merrill Lynch is one of the world's leading financial management and
advisory companies with offices in more than 40 countries and more than
$1 trillion in total Private Client assets.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
Christine Walton of Merrill Lynch & Co., Inc.
212-449-8548
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