European sales of retail mutual funds for Merrill Lynch Investment Managers (MLIM) have topped institutional fund sales for the first time, according to the company's earnings report for the fourth quarter of 2004.
"Third-party retail mutual fund sales in Europe and Asia continue to be a strong area of growth for MLIM. Revenues from these products grew substantially during 2004 and surpassed revenues from institutional products in those regions for the first time during the fourth quarter," the company stated in the report.
Pre-tax earnings for 2004 were $460 million, up by 77% over 2003, driven by a 16% increase in net revenues to $1.6 billion. Pre-tax earnings for the fourth quarter were $130 million, up by 37% over the same period in 2003 and up 17% over the previous quarter.