Merrill Lynch sees wealth unit helping company
Merrill Lynch & Co, one of the world's leaders in managing money for wealthy investors, would grow its global wealth management unit to help boost the company's overall profit.
By Agencies |
BOSTON: Merrill Lynch & Co, one of the world's leaders in managing money for wealthy investors, said on Monday it would grow its global wealth management unit to help boost the company's overall profit.
"We'll continue to increase it," Nelson Chai, Merrill's chief financial officer, told analysts at a banking conference sponsored by UBS.
He said the company is "pretty well positioned" in this increasingly competitive market segment and that the wealth management unit is working to improve return on equity, which measures how efficient a company is in generating profit from its assets.
He also said the company is trying to reduce illiquid assets, noting, "We'll continue to trade down as we have opportunities." Chai made the presentation along with Eric Heaton, the company's treasurer. At the same presentation, the men said Merrill was focusing more sharply on risk management and had increased its cash positions from $79.8 billion at the end of December.
The company has taken an additional writedown of $5.2 billion since the end of the first quarter but says this will not hurt income.
"We'll continue to increase it," Nelson Chai, Merrill's chief financial officer, told analysts at a banking conference sponsored by UBS.
He said the company is "pretty well positioned" in this increasingly competitive market segment and that the wealth management unit is working to improve return on equity, which measures how efficient a company is in generating profit from its assets.
He also said the company is trying to reduce illiquid assets, noting, "We'll continue to trade down as we have opportunities." Chai made the presentation along with Eric Heaton, the company's treasurer. At the same presentation, the men said Merrill was focusing more sharply on risk management and had increased its cash positions from $79.8 billion at the end of December.
The company has taken an additional writedown of $5.2 billion since the end of the first quarter but says this will not hurt income.
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