Habib Annous, who ran two UK retail funds, resigned earlier this week, just a few days after the departure of Andreas Uterman, who headed up non-US equity funds.
Utermann was dubbed by competitors 'son of Carol' by competitors, indicating that he was thought to be a protege of Carol Galley, the former vice chairman who resigned from the business last year.
There is a lot of speculation about what will happen to the asset management business, especially after the Unilever case. Merrill agreed to pay £70m to the corporate without admission of liabiliy to settle claims of negligence in respect of managing its pension fund. Many other Merrill clients are thought to be considering bringing similar actions.
Another Merrill Departure Shakes Firm
Staff turnover at senior executive level at Merrill Lynch Investment Managers is said to be giving the firm cause for concern after a second key fund manager quit within a week.
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