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Tuesday, September 21, 1999

Merrill Lynch Expands Down Under

Reported by Hayley Green

Merrill Lynch has launched 11 international mutual funds in Australia, the largest new investment product launching in Australian history, according to the company.

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  • The offering by Merrill Lynch today is the first effort by a U.S. fund manager to take advantage of the recent changes in Australian tax structure. 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.

    In a direct response to these changes Merrill has decided to jump into the new market and will continue to expand its exposure, Richard Silverman, a Merrill spokesperson said.

    The 11 funds being launched are the Merrill Lynch: Basic Value Fund, Capital Fund, Corporate High Yield Fund, Euro Fund, Fundamental Growth Fund, Global Allocation Fund, Global Growth Fund, Global Technology Fund, Global Value Fund, Pacific Fund and CMA (cash management account) Money Fund.

    "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. Merrill Lynch has 160 financial consultants based in Australia.

    The fee structure of the funds is the same as in the U.S. The minimum investment is $1,000. Marketing plans are not concrete but Silverman said, "I'm sure Australia will be getting a lot of press after this."

    Experts expect more tax reform in the near future -- and as reform takes place Merrill Lynch will be there to take advantage of the market, Silverman said. 

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