Merrill Lynch Fires Two Top Execs

Merrill Lynch Investment Managers, the Merill Lynch asset management and mutual fund unit with $533 billion in assets under management, has fired two top executives for failing to adequately supervise a currency trader who misallocated currency trade returns, a spokeswoman for the company said.

Tim Manna, global head of fixed income for MLIM, and David Jacob, head of fixed income for Europe, the Middle East, and Africa, did not act quickly enough after learning about the impropriety.