NEW YORK, April 13 /PRNewswire/ -- Merrill Lynch Asset Management today
announced that Greg Bundy will become Chief Operating Officer of Merrill Lynch
Asset Management (MLAM), effective June 1.
As the group's Chief Operating Officer, Mr. Bundy will succeed and report
to Terry Glenn, Executive Vice President of MLAM, who was recently named
President of Merrill Lynch Asset Management Funds.
Mr. Bundy, 36, has been co-CEO of Merrill Lynch Australia for the past two
years, having served in a number of key positions around the world since he
joined Merrill Lynch in 1984.
"Greg's appointment will help us advance the initiatives we're undertaking
at Merrill Lynch Asset Management right now," said Jeffrey M. Peek, Executive
Vice President of Merrill Lynch and head of the Asset Management Group (AMG).
"It is an exciting period in the group's history, with a new management team
in place, new products on the horizon and renewed focus on our investment
performance."
Merrill Lynch's Asset Management Group is the third-largest active
asset-management firm in the world. It provides a comprehensive range of
mutual funds, as well as institutional asset management and private-portfolio
services to individuals, corporations, governments and institutions worldwide.
Its operating units include MLAM, Merrill Lynch Mercury Asset Management and
Hotchkis and Wiley.
MLAM is Merrill Lynch's U.S.-based retail asset management business,
consisting primarily of U.S. mutual funds. At the end of 1999's first
quarter, the group had $281 billion in total mutual fund assets under
management.
As COO of MLAM, Mr. Bundy will be responsible for all of the group's
operations except investment process, marketing and technology. He will serve
as Chairman of the group's Operating Committee, which will handle overall
business administration and operations.
Mr. Glenn, a 16-year MLAM veteran, will continue to be responsible for the
group's daily business activities. "I very much look forward to having Greg
on board," said Mr. Glenn. "Asset management is a growing and increasingly
complex business and Greg brings with him a range of skills that will help us
to take advantage of the many new opportunities available to us."
Mr. Bundy joined Merrill Lynch in 1984, moving to Japan in 1988 to head up
Merrill Lynch Japan's Equity Trading Operation in Tokyo. In 1991, he assumed
responsibility for Merrill Lynch Japan's Sales Operation and was named a
managing director later that year.
In early 1992, Mr. Bundy moved to New York to head up Non-Dollar Sales and
Trading, before moving on to run Merrill Lynch's American Depository Receipts
business.
Mr. Bundy relocated to Sydney in 1997 to become co-CEO of Merrill Lynch
Australia after the firm's acquisition of McIntosh Securities. He and John
Magowan, formerly CEO of McIntosh, had operating responsibility for all
Merrill Lynch businesses throughout the region. Upon Mr. Bundy's return to
the United States, Mr. Magowan will become sole CEO of ML Australia.
Merrill Lynch is one of the world's leading financial management and
advisory companies with offices in 41 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 Merrill Lynch Asset Management and Merrill Lynch Mercury
Asset Management, the company is one of the world's largest managers of
financial assets with assets under management exceeding $500 billion.
SOURCE Merrill Lynch Asset Management
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http://www.merrilllynch.com
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http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Christine Walton, christine_walton@ml.com, or
Mark Johnson, both of Merrill Lynch, 212-449-8548
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