Jim Gorman, head of Merrill Lynch's global private client group, says his unit is working up an appetite for acquisition. Speaking at a financial services conference sponsored by Smith Barney, Gorman said the firm is excited about its recent performance and is “systematically reviewing” potential acquisition candidates and expects “several transactions in the retail space” over the next two years.
“It's not likely to be a Jamie Dimon-Bank One-type-thing, but more of a bolt-on type, a small asset manager or advisor,” says Todd Buechs, analyst with Sanford Bernstein.
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