NEW YORK, July 13 /PRNewswire/ -- Merrill Lynch today said that Kevin
Rendino has been named co-portfolio manager and senior vice president of the
Merrill Lynch Basic Value Fund.
Effective immediately, Mr. Rendino will share day-to-day management
responsibilities with Paul Hoffmann, who has been sole manager of the fund
since its inception in the late 1970s. Following a transition period of
several months, Mr. Rendino will assume sole management responsibility for the
fund, which is one of the largest and oldest funds at Merrill Lynch Asset
Management (MLAM). Mr. Hoffmann is expected to retire from the firm early
next year.
"The Merrill Lynch Basic Value Fund is one of the firm's great success
stories, and its 22-year record of solid performance is a tribute to Paul
Hoffmann and the team he has assembled and guided over the years," said Terry
Glenn, Executive Vice President of MLAM. "Kevin Rendino and the rest of the
Basic Value team will continue to manage the fund as they have for many years,
which means that the investment process will remain a constant."
Mr. Glenn added, "Paul's commitment to excellence, performance and
professionalism are unparalleled, and we are grateful he will remain on board
to help make this transition as smooth as possible."
Mr. Hoffmann, 68, joined the firm in 1976 and has managed the Basic Value
portfolio since its inception on July 1, 1977.
Mr. Rendino, 32, entered the firm's Corporate Analysts program in 1988.
He became a Research Associate on the Merrill Lynch Basic Value Fund in 1990.
In addition, Mr. Rendino manages other investment portfolios with similar
objectives to the Merrill Lynch Basic Value Fund. The portfolios currently
have aggregate assets of about $1.2 billion and have posted excellent results
under Mr. Rendino's leadership.
MLAM, along with Merrill Lynch Mercury Asset Management and Hotchkis and
Wiley, are the operating units of Merrill Lynch's Asset Management Group,
which has more than $515 billion under management. 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.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
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