Merrill Lynch sells Philippine brokerage

Merrill Lynch has decided to sell its Philippine brokerage after local management offered to buy it.

Merrill Lynch has announced that it has accepted an offer to sell its Philippine brokerage operation to its own local management team. When the buyout is complete, the brokerage will operate under the name Philippine Equity Partners Securities Inc.

Jojo Madrid, currently head of sales, and Jojo Gonzales, head of strategy and economics, have led the management buyout group, and will continue to conduct research and dealing in the Philippine securities market.

Merrill, who set up the brokerage in 1997, says it intends to use Philippine Equity Partners Securities as its exclusive broker for its trades on the Philippine Stock Exchange.

An official at Merrill said the decision was made because it made financial...

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