The relationship between Bermuda Commercial Bank (BCB) and Merrill Lynch Asset Management L.P. (MLAM) dates back to a joint venture established in 1995. The new agreement incorporates the market experience gained since that time.
Anthony S. Wiseman, Managing Director, International Americas for MLAM stated that "Both parties to the relationship have been particularly pleased with the outstanding success of the Dollar Assets Portfolio (Bermuda) Ltd. (DAP), a money market feeder fund. The underlying MLAM fund offers the stability and integrity of a $2 billion facility." Balances held in DAP can be accessed through BCB Gold, BCB's windows-based electronic banking interface. The daily liquidity and local access to account details have been enthusiastically received by BCB clients. The management of the DAP feeder fund by BCB will further facilitate another feature popular with BCB clients, the ability to sweep credit balances from their operating accounts into their DAP account, giving clients competitive overnight interest rates.
Other products which will continue to be offered, through BCB, are MLAM's offshore family of mutual funds and management by MLAM of separate investment accounts. "It is anticipated," said Mr. Roberts, "that these facilities will particularly appeal to BCB customers who value the benefit of accessing the world class asset management expertise of Merrill Lynch Asset Management, through Bermuda Commercial Bank as a "One-stop Shop."
The strategic alliance between BCB and MLAM is seen as another positive step in the continuing growth of BCB towards its well-established goal of providing the highest level of low-risk, high integrity banking services in the Bermuda marketplace. It confirms the ongoing commitment of Merrill Lynch to the Bermuda market and endorses the strength of the relationship formed between BCB and MLAM over the past two years.
The contact person at Bermuda Commercial Bank for these services is Brian Rosorea, Manager, Commercial Banking. Telephone: Bermuda 295-5678