Merrill Lynch Investment Managers will merge two large-cap growth funds, subject to shareholder approval in October. The $1.7 billion Merrill Lynch Growth Fund will be subsumed by the $5.8 billion Merrill Lynch Fundamental Growth Fund, which spokesman Erik Henderson said has a similar investment philosophy and objectives. The merger is part of an 18-month-old review of growth equity strategies.
About 50% of assets in the Merrill Lynch Growth Fund and about 25% of the assets in the Fundamental Growth Fund are from defined contribution plan investors, he said.
Larry Fuller will continue to manage the Fundamental Growth Fund. Steve Silverman, who manages the Growth Fund, will continue to manage the Merrill Lynch Pacific and Global Value Funds.