Server: Netscape-Enterprise/2.01 Date: Thu, 18 Dec 1997 04:03:57 GMT Accept-ranges: bytes Last-modified: Thu, 16 Oct 1997 01:20:15 GMT Content-length: 4045 Content-type: text/html Merrill Lynch Surpasses $1 Trillion in Client Assets

1 trillion dollars

Merrill Lynch Surpasses $1 Trillion in Client Assets; Pledges $5 Million to Worldwide Charities for Children & Families and Encourages Extra Volunteer Efforts by Employees

Merrill Lynch today announced that private client assets surpassed $1 trillion during the third quarter, reaching $1,018,000,000,000 at quarter-end.

Merrill Lynch is the first financial services company to surpass assets of $1 trillion in the accounts of clients it advises. Over the past two years, new client assets entrusted to Merrill Lynch have grown at an average rate of more than $250 million every business day.

"This is an important moment for us. We are proud, as well as grateful," said Chairman and Chief Executive Officer David H. Komansky, "and we have chosen to celebrate by giving something back to the community. Since children and their families represent the future, we thought it would be particularly appropriate to make them the beneficiaries."

To commemorate this milestone, the Merrill Lynch Foundation will donate an additional $5 million to charities benefiting children and families around the world. The company also is encouraging employees to make extra efforts to volunteer with such organizations.

"We particularly want to thank the millions of clients who place their trust in us, along with our 54,000 employees who work diligently to earn that trust," said President and Chief Operating Officer Herbert M. Allison, Jr. "Robust economic and market conditions have helped us reach our trillion-dollar goal more than two years ahead of schedule, but the real key has been our people and the quality of advice they provide."

Added Vice Chairman John L. Steffens, who has led Merrill Lynch's Private Client business for the past 12 years: "This achievement is the result of a long-term strategy to place our clients' interests first. Our Financial Consultants and the many professionals who work with them have done this by offering sophisticated financial planning, advice and guidance tailored to each individual's needs, and a broad choice of innovative products and services. This has been the key to our success, and it's also a powerful growth strategy for the future."

The Merrill Lynch Foundation's $5 million donation will consist of two parts: Ten grants of $250,000 each will go to organizations that benefit children and families around the world - American Cancer Society, Asian Educational Resource Center of the Asia Society, Foundation for the Treatment of Children with AIDS, Junior Achievement, National Hispanic Scholarship Fund, National Organization on Disability, National Urban League, Save the Children, Susan G. Komen Breast Cancer Foundation, and UNICEF.

The remaining $2.5 million will be allocated to the company's Private Client offices worldwide for donation to local, community-based organizations.

These funds are in addition to the more than $20 million in philanthropic contributions the company makes annually.

Consistent with the company's Principle of Responsible Citizenship, thousands of Merrill Lynch employees around the world already are engaged in volunteer activities in their communities. To commemorate the trillion dollar milestone, they will be encouraged to participate in extra volunteer efforts, either individually or on an office-wide basis.


©1997. Merrill Lynch & Co., Inc.