Bank of America Merrill Lynch’s (BofA) global
wealth and investment management (GWIM) division reported a 3% rise
in net income, up to $1.09bn in the first six months of 2012
compared to the same period in 2011.
The increase was mainly due to lower expenses,
which offset the $314m drop in revenue, down to
$8.6bn.
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According to BofA Merrill Lynch, revenue
dropped as a result of lower net interest income, caused by the low
rate environment and by lower transactional activity.
Unit for sale, AuM down
Assets under management (AUM) sunk $45bn
(-2.5%) in the second quarter to $1.72trn, back to June 2011
levels.
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By GlobalDataThe drop follows the news that Merrill Lynch’s
unit wealth operations outside the US have been put up for sale.
In June 2012, Julius Baer confirmed it had
entered discussions with BofA to purchase the US bank’s
international unit.
The unit has about $90bn AUM and serves
clients across Europe, Asia and South America.
People familiar with the matter suggested the
sale could fetch Merrill Lynch more than $3bn.
