Merrill's Purchase of Herzog Was Made After Internal Efforts Failed
MANAGEMENT & INFRASTRUCTURE
NEW YORK--Merrill Lynch bought Herzog Heine Geduld rather than complete an existing project to develop its own over-the-counter wholesale equity business. That project included a 250-person trading room and a data center, sources say. "This has been the biggest technological snafu in Merrill's history," claims one source.
According to a source close to Merrill, the Herzog purchase gave Merrill a wholesale business six months sooner than an existing internal project would have. The source, who
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