Merrill Lynch characterized the divisions investment performance as strong in a statement reporting earnings. "However, financial results were negatively affected by a market-driven decline in assets under management for most of the year, combined with a fourth-quarter increase in litigation costs," the company added. Published reports ascribed the litigation costs to the companys settlement with Unilever over management of the consumer product companys pension fund. Terms of the settlement have not been disclosed.
MLIM had $529 in assets under management at the end of the year, including $4 billion in net inflows during the quarter and $19 billion in net inflows during the year.