Merrill Lynch & Co. has announced several management changes. Thomas Davis, president of the firm's Corporate and Institutional Client Group (CICG), will become a vice chairman of Merrill and will lead an expanded private equity business. He will also now serve as head of the company's Global Securities Research & Economics Group.

Davis joined Merrill in 1977 as an associate in the firm's investment banking division. From 1991 to 1997 he held numerous positions, including head of Global Equity Capital Markets, co-head of the Equity Division and co-head of the Investment Banking Group. He served as president of CICG from 1997 until now.

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