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led by Bob Doll, is one of the world's largest
money managers with $462 billion under management. It serves a globally diversified client base
of mutual fund investors, high-net-worth individuals, pension funds, corporations, governments
and other institutions. MLIM remains focused on three key business drivers: superior investment
performance, profitability and sales. Building on the strength of its investment performance,
MLIM is increasing penetration of our proprietary private client channel and growing its
institutional and third-party businesses. With improved profitability, MLIM also is able to invest
selectively in the development of new products to meet our clients' needs.
MLIM has an outstanding opportunity to increase sales through Merrill Lynch's own network
of Financial Advisors and extensive institutional relationships. Sales coverage has been realigned
to correspond to GPC's segmentation strategy, improving sales support. We are strengthening
our business plans for third-parties and institutions in the United States and Europe; both
avenues have begun to generate new opportunities. Additionally, we are continuing to enhance
our investment products by developing new, innovative offerings that appeal to each segment
of the marketplace. Repackaging a successful retail product, MLIM filled a product gap in its
institutional offering with the U.S. Active Large Cap Value strategy, which has helped raise assets
and strengthen relationships with important public pension plans. Merrill Lynch Consults®
Diversified Portfolios were created in partnership with GPC and are specifically tailored to meet
our private clients' needs. The newly launched Merrill Lynch International Investment Funds
will allow MLIM to reach more global investors, giving them access to a wide range of asset
categories and investment styles. MLIM now offers more than 60 mutual funds in 27 countries.
In addition, we expect our enhanced alternative investment and private account products to
yield significant growth.
With sustained improvements in investment performance, deeper penetration across sales channels
and a strong product offering, MLIM is poised for profitable growth in the years ahead.
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In 2002, MLIM created the first multi-disciplinary investment offering for GPC's Consults program. Merrill Lynch
Consults® Diversified Portfolios are privately managed accounts that provide risk-based portfolio management, asset allocation, diversification and a sophisticated performance- and goal-monitoring system to individuals with a minimum investment of $250,000. The power of our Financial Advisor network enabled us to build the Consults business significantly in 2002. This joint effort between GPC and MLIM generated $2.2 billion in gross sales, and resulted in increased market share of more than 20% for MLIM in the Consults Program, up from less than 1% in 2001. |
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