Merrill Lynch's IT Initiatives

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Case Details:

Case Code : ITSY038
Case Length : 16 Pages
Period : 1997 - 2004
Pub Date : 2004
Teaching Note :Not Available
Organization : Merrill Lynch
Industry : Financial Services
Countries : USA

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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“Merrill Lynch Financial Advisors are among the industry's most highly-skilled professionals, committed to helping our clients realize their financial goals. Wealth Management Workstation will provide our Financial Advisors with the best technology, tools and content the market has to offer.”¹

- James Gorman, President of Merrill Lynch's US Private Client Group.

Introduction

In November 2002, the New York-based financial services major, Merrill Lynch & Company (ML) entered into a landmark agreement with Thomson Financial (Thomson)², to develop and launch a new information technology (IT) platform called Wealth Management Workstation (WMW). This deal was unique as it was one of the largest IT outsourcing projects from a leading financial services company. It was watched closely and with much scepticism by industry. Expressing his opinion, Dennis Ceru, director of retail brokerage and investing at the research and advisory company, Tower Group, said, “Just the fact that Merrill is outsourcing such a critical system at all is being watched closely by the financial services industry.

IT and Systems Case Studies | Case Study in Management, Operations, Strategies, IT and Systems, Case Studies

It's huge. It's a major Wall Street firm with the largest number of registered brokers making a decision to partner with external providers to create its lifeblood system.”³

Merrill Lynch's IT Initiatives - Next Page>>

1] Merrill Lynch and Thomson Financial Announce Intention to Develop Wealth Management Workstation, www.ir.ml.com, November 21, 2002.

2] With revenues of US$ 1.5 bn, Thomson is a provider of information and technology solutions to the worldwide financial community. It provides capital markets information and advisory services relating to equity ownership and market activity to over 4,500 publicly traded companies and financial professionals in 45 countries. Its suite of services includes capital markets intelligence, investor targeting, international investor marketing, Internet solutions, web casting, IR webpage hosting and earnings estimates.

3] Todd Datz, “Merrill Lynch's Billion Dollar Bet,” www.cio.com, September 15, 2003.

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