Merrill Lynch evolves to changing market
Merrill Lynch Investment Managers (MLIM) has created four distinct distribution divisions to replace its existing wholesale/retail configuration and has honed its sales structure by appointing a single head for the area.
The move sees head of retail distribution, Damien Frawley, assume responsibility for group wide distribution under the new structure, while institutional distribution head Con Michalakis left the firm at the beginning of the week.
“In the past group’s had institutional and retail distribution teams but the lines have blurred between these two areas and the gatekeepers are all asking the same questions so it make sense to move to this structure,” MLIM managing director and co-chief investment officer, Maurice O'Shannassy said.
Under the new structure Frawley will look after the four areas - retail sales, institutional account management, middle markets and consultants and researchers.
The group also announced today that fixed income product manager Vincent Lo Blanco would have a widened mandate within the firm after being appointed to head the consultant and researcher distribution group, and will report to Frawley.
O'Shannassy said the changes were also part of the firm’s bid to meet the evolving demands of the market.
“The market has been mutating for the past several years, forcing groups to continually look at their sales structures to ensure they are properly aligned.
“One of the things that is very clear is that research houses, consultants and fund of funds need to have dedicated and senior resources assigned to them,” O'Shannassy said.
Recommended for you
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
