The two banks had previously pledged to put up to £1bn into the venture over five years and was designed to attract customers with more than £70,000 to invest.
Analysts report that the venture attracted fewer than 4,000 clients, however, due primarily to the slowdown in the global markets.
Merrill Lynch will now pull out of joint venture, which will fold into HSBC.
Merrills Pulls Out Of Venture With HSBC
Merrill Lynch is to pull out of the joint venture it established two years ago with HSBC to provide online wealth management services to high net worth individuals. The joint venture was thought by many to be a precursor of a full blown merger between the two financial services giants.
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