NEW YORK, March 10 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER)
announced today that J. Arthur Urciuoli, who has served since 1997 as
Chairman, International Private Client Group, is retiring after 30 years with
the company.
During an era of explosive growth in financial services, Mr. Urciuoli
helped build client assets at Merrill Lynch, which now surpass $1.4 trillion,
through the development of alternative pricing strategies for investment
products and services. He also played a key role in advancing the company's
diverse international businesses, and its franchise serving small to midsize
businesses in the US.
"Arch Urciuoli's vision, drive and leadership ability helped position
Merrill Lynch as a leader in the global marketplace," said David H. Komansky,
Chairman and Chief Executive Officer, and Herbert M. Allison Jr., President
and Chief Operating Officer. "His creativity and absolute commitment to our
clients embody the best of our culture. We thank him for his many
contributions and wish him well in what we are sure will be an active
retirement."
Over the past two years, Mr. Urciuoli helped lead the teams that expanded
Merrill Lynch's international private client and asset management businesses
through such initiatives as the 1998 launch of Merrill Lynch Japan Securities,
and the 1997 acquisition of Mercury Asset Management.
Prior to his role in International Private Client, Mr. Urciuoli served
from 1993 to 1997 as Director of Marketing for Merrill Lynch's U.S. Private
Client Group. In this role, he led development of the company's Financial
Advantage Service, with a relationship-oriented pricing structure based on
total client assets rather than traditional commissions on transactions.
From 1984 to 1993, Mr. Urciuoli served as a Senior Vice President and Director
of the Business Financial Services (BFS) unit, which provides a full range of
financial services to small and mid-sized companies. Mr. Urciuoli's team
launched the successful Consults program, in which clients work with their
Merrill Lynch Financial Consultants to retain professional portfolio managers
and monitor their performance. This program, now with assets exceeding $35
billion, led to a significant, industrywide expansion of wrap pricing for
individual clients. He also led development of the Working Capital Management
Account(SM) for business proprietors.
In 1990, he assumed management responsibility for the company's Group
Employee Services unit, which provides 401(k) and other employee benefit
services to large corporations. Today, Merrill Lynch is a leader in this
field.
Mr. Urciuoli joined Merrill Lynch in 1969 as an investment banker,
focusing on development of the company's international corporate and
institutional business. He was a leader in the development of the Eurobond
market and in international financing for Japanese companies.
In 1978, he was named president of Merrill Lynch International, which
included a network of offices serving high-net worth individuals as well as
the company's capital markets units outside the US. He led Merrill Lynch's
acquisition of its Swiss bank and helped establish the international portfolio
management business.
Active within the securities industry, Mr. Urciuoli has served as chairman
of the Securities Industry Association committee on Sales and Marketing, and
of The Forum for Investor Advice.
Mr. Urciuoli and his wife, Maggie, reside in Greenwich, CT. They have
2 children and 1 grandchild.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
Anya Buenger of Merrill Lynch & Co.,
212-449-7293
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