Although the fund management unit has won around £610m in new business this year, there has now been two further client defections. Bath & Northeast Somerset County Council is thought to have taken away around £500m and building materials firm Meyer International has pulled almost £265m.
The Co-operative Group confirmed last week that it was dropping the firm and moving £500m of its pension fund. It is also thought to be considering taken legal action against Merrill and may seek compensation for what it regards as poor investment performance.
A number of other clients are believed to be reviewing their contracts with the money manager. The Church of England and engineering concern GKN are both thought to be seriously considering their options.
Merrill Loses Further Clients
Merrill Lynch's investment management arm has suffered further defections from clients due to lagging investment performance and the departures of key fund managers.
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