'It's a war'.
The New York Post reports that as Merrill Lynch and Morgan Stanley trade blows to dominate the lucrative multitrillion-dollar wealth-management industry, Merrill has cleared a new hurdle this month and was propelled into first place by several analysts.
“I think Merrill Lynch is a gem,” CLSA industry analyst Mike Mayo told The Post. “When I look at Merrill Lynch, I look at its nice and improving profits, which is a credit to the firm. And Merrill has a higher pretax margin — which we all monitor— than Morgan.”
It’s a war between Merrill and Morgan, says Alois Pirker of Aite Group. “Merrill clearly has a leg up right now,” he said.
In other battle statistics, Mayo has concluded that Merrill’s “thundering herd” of 14,000 financial advisers has the best-performing team in town.
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