NEW YORK, Feb. 2 /PRNewswire/ -- Merrill Lynch (NYSE: MER) said today it
has launched the Mercury U.S. Large Cap Fund*, the third in the growing U.S.
mutual fund family managed by Mercury Asset Management. The initial offering
of the fund brought in $655.4 million, bringing total assets of Mercury's U.S.
fund family, which was started in October 1998, to more than $1.5 billion.
The Mercury U.S. Large Cap Fund* of Mercury Asset Management Funds Inc.
will invest primarily in equity securities of large-capitalization companies
located in the U.S. and, to a lesser extent, Canada.
"For the first time, U.S. clients will be able to invest in some of the
largest and most successful U.S. companies with Mercury Asset Management, one
of the world's most experienced asset managers," said Jeffrey M. Peek,
Executive Vice President of Merrill Lynch and President of Merrill Lynch's
Asset Management Group.
The new fund is part of a worldwide initiative of Merrill Lynch and
Mercury Asset Management, the U.K.-based global asset manager Merrill Lynch
acquired in 1997. The new Mercury U.S. fund family also includes the Mercury
Pan-European Growth Fund* and the Mercury International Fund*, each a series
of Mercury Asset Management Funds Inc., which together have more than
$880 million in assets.
Mercury will continue to develop a full complement of mutual funds for
U.S. investors in the coming months.
"Mercury has been investing in the U.S. for more than 30 years, and today
manages around $7 billion in U.S. equities," said Carol Galley and Stephen
Zimmerman, co-heads of Mercury Asset Management. "Our international
experience gives us a unique perspective on the market."
Added Mr. Peek, "For a fund to raise more than $650 million in one month
is an outstanding achievement, especially considering the recent volatility in
global markets. It demonstrates what the combined strengths of Merrill Lynch
and Mercury can achieve in terms of product, distribution and fund
management."
Another group of Mercury funds has been available to Japanese investors
since last July, and other Mercury funds are also being marketed in Europe,
the Middle East, the Far East and Latin America.
Merrill Lynch is the third-largest active investment manager in the world,
with assets under management of more than $500 billion.
* For a current prospectus, which contains more complete information,
including management fees, sales charges, other expenses and the risks
associated with these Funds, please call a Merrill Lynch Financial
Consultant or 888-763-2260.
SOURCE Merrill Lynch & Co., Inc.
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