``Most, but not all mergers, acquisitions and joint ventures (of money management firms) have not worked,'' said Arthur Zeikel, president of Merrill Lynch Asset Management, speaking in Atlanta before the Association for Investment Management and Research. Difficulty managing compensation and culture are the two basic reasons, Mr. Zeikel said. Nonetheless, consolidation is likely to continue, driven by factors such as new entrants to the business, economies of scale and rising costs of distribution, he said.
After his talk, Mr. Zeikel declined to comment on a press report that Merrill Lynch was in negotiations to buy Hotchkis and Wiley.
He said Merrill Lynch will seek to increase its assets under management through internal growth.
