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Merrill Lynch Consults® Program: An Analysis of Performance

By Megha Bisarya

Compared to mutual funds, separately managed accounts are a relatively new product for the financial services industry. They are customized portfolios of stocks or bonds that are monitored by professional investment managers but owned by the individual. This study analyzes the performance of Merrill Lynch’s separately managed accounts program, known as the Consults® program. I find that on average, the funds in the Consults® program generated lower returns than their respective style indices during July 2005 to June 2006. The funds also under performed a Vanguard basket of index funds during this same time period. Moreover, I find that there is a significant relationship between the returns for the funds in the Consults® program for the first half of July 2005 to June 2006 with the second half.

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Advisor: Edward Tower

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