Merrill Lynch (Bank) Suisse is the largest of Merrill's onshore international businesses, with $11.16 billion assets under management. Regarded as separate from the GPC business, the Swiss bank has been re-establishing links with it over the past two years in a bid to boost business. "While the Swiss bank wasn't making a loss, assets had settled to about $9 billion and stayed there," says Nick Stonestreet, who became CEO of the Swiss bank in July last year. "There were many things that needed addressing, such as service quality, but the most important move in the last year has been a reconnection to Merrill Lynch GPC. Before that we tended to stand alone."
"We've been spending more time with GPC's advisers around the world, letting them know that what we offer could be of use to their clients. We've also opened up to MLIM's investment managers worldwide as well as external managers so that we properly offer open architecture and now have the best managers," says Stonestreet. For the GPC business, the Swiss bank serves as another product offering to clients. "It's only a small part of the business, at 1%, but it is an attractive offering," says James Gorman.