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Wednesday, May 09, 2001

Personnel Churning

Reported by Alfred Wang

Turnover seems to characterize most of the news coming out of Merrill Lynch. The Wall Street giant will cut 20 percent of its investment management work force, from 4,500 to 3,600, by the end of the year.

The firm outsourced its fund accounting to State Street, eliminating 300 employees from Merrill payrolls though State Street has picked up those let go. 70 positions were cut last month when the firm disbanded its investment trust business unit, and 150 were let go from IT. The remaining jobs will be eliminated through attrition.

Through attrition, the separately managed account area has lost an additional 20 percent of its staff last winter, say sources close to the matter. This includes the high profile departures of Alan Sislen, senior director first vice president of the investment consulting group in January, and Terry Sue-ako, head of the corporate systems group a few weeks ago.

The MutualFundWire has reported since March Merrill's ongoing promotions and retirements, including the retirement of vice chairman John "Launny" Steffens and Mary Taylor's promotion to co-head of MLIM Americas.

Company officials were unavailable for comment. 

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