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.

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