Launch of Funds is Largest New Investment Product
Offering in Australian History
SYDNEY, Australia, Sept. 21 /PRNewswire/ -- Merrill Lynch today launched
11 international mutual funds, a move that dramatically expands the
opportunities for Australian investors. The launch constitutes the largest
new investment product offering in Australian history.
With this offering, Merrill Lynch becomes the first U.S. fund manager to
take advantage of recent regulatory changes in Australia that made it feasible
for Australian investors to invest in U.S. mutual funds.
"Merrill Lynch views Australia as the new financial frontier," said Terry
Glenn, Executive Vice President of Merrill Lynch Asset Management (MLAM).
"These actively managed mutual funds give Australian investors a powerful set
of tools to assist them in charting their financial course in the new
millennium."
The funds are managed by MLAM in Princeton, N.J., and will be distributed
through Merrill Lynch Private (Australia) Limited. The fund spectrum -- from
a global technology fund to a corporate bond fund -- will give Australian
investors access to a range of investment styles, allowing the investor to
diversify portfolios in ways currently unavailable in Australia.
"We applaud the government for making these changes and for enabling
Australians to participate in global markets to an extent never before
possible," said John Magowan, Chief Executive of Merrill Lynch Australia.
"The launch of these funds heralds a new era for Australian investors. As we
enter the new millennium, Australians will have greater choice and opportunity
than ever before."
In June, Australia's Federal Parliament approved changes to its Foreign
Investment Fund (FIF) laws as part of a governmental financial reform program.
Previously, unrealized capital gains from investments in all
overseas-domiciled funds in Australia were taxed at ordinary marginal rates.
The FIF tax on U.S.-domiciled funds has now been removed, facilitating the
tax-efficient sale of U.S. mutual funds.
The 11 Merrill Lynch funds are U.S. dollar-denominated products designed
to complement funds already offered in Australia by Merrill Lynch Mercury
Asset Management (MLMAM). The MLMAM funds are denominated in Australian
dollars and invest primarily in non-US equities.
MLAM, MLMAM and Hotchkis and Wiley are the operating units of Merrill
Lynch's Asset Management Group, which has more than $515 billion under
management. The group 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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Related links:
http://www.merrilllynch.com
Company News On-Call:
http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Richard T. Silverman of Merrill Lynch,
212-449-9205, or Richard_T_Silverman@ml.com
NOTES TO EDITORS: The 11 funds Merrill Lynch is offering are:
ML Basic Value Fund ML Capital Fund ML Corporate High Yield Fund
ML Euro Fund ML Fundamental Growth Fund ML Global Allocation Fund
ML Global Growth Fund ML Global Technology Fund ML Global Value
Fund ML Pacific Fund ML CMA Money Fund
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