Merrill Lynch hits revenue jackpot

Merrill Lynch has announced its highest ever net revenues of $8bn (4.5bn) for the first quarter of 2006, up 28% against the first quarter of 2005. Merrill Lynch Investment Managers’ net revenues for the first quarter of 2006 were $570m, up 38% from the first quarter of 2005. During the first quarter of this year, MLIM unveiled an agreement to merge with BlackRock (Fund Strategy, February 20). Subject to shareholder approval, the merger is expected to be completed in the third quarter.