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Look For More Merrill Lynch/BlackRock-Like Deals
The recently announced asset-swap deal involving Merrill Lynch and BlackRock, is the latest "wake-up call for the global asset management business," as more such deals may be on the horizon, according to the Putnam Lovell NBF Securities 2005 M&A Review.
Says Benjamin Philips, a Putnam managing director and author of the report, 'Before, manufacturers and distributors in fund management were drifting lazily toward their respective corners of the industry. Those days are over. We anticipate that a number of vertically integrated fund management systems worldwide - proprietary funds linked with captive distribution -- may now break apart in the near future.''