Merrill Lynch - Products and Services - 2007

Winning Promotion
From Document Manager Magazine Vol 15 No 03 - May/June 2007

The marketing group at Merrill Lynch is better able to realise its vision thanks to improved customer relationship statement systems


Merrill Lynch Financial Advisors counsel clients on a broad range of diversified financial solutions. Listening to feedback from clients, the Merrill Lynch marketing department recognised the value in creating a consolidated statement that shows how all of these solutions work together, with the ultimate goal of demonstrating what is possible from what the company describes as "a Total Merrill relationship". Total Merrill refers to the broad range of advice and guidance delivered by a financial adviser for investments, retirement, banking, credit and lending, including mortgages and cards, trust and other financial services offered by Merrill Lynch. The "Relationship Statement" was designed to provide clients with a comprehensive report on all aspects of their money - providing a balance sheet view that includes investments, bank accounts, loans, mortgages, retirement accounts, and business-related accounts with Merrill Lynch. Finding the right technology to ensure the success of the new statement as it fit within the Total Merrill initiative was an integral step in the process.

RESPONDING TO MARKETING GOALS

"When the decision was made to redesign the account statements, our directive was to introduce customisation that relied heavily on charts and graphs, among other personalised information," said James Brega, Director of the Accounting and Reporting Technologies group at Merrill Lynch. "One of our primary concerns was the throughput of the document composition step using the new software," continues Brega. "We have to produce more than five million statements monthly within a very short time frame in order to meet our service level agreements. So there were certain delivery milestones we needed to adhere to. The software we chose had to handle the tight time frame and also be able to produce the sophisticated 'look and feel' that the marketing group was looking for when it came to the actual production of the documents. Exstream Software's Dialogue was able to meet the standards we set."

SMOOTHING THE BUMPS

"As expected with a project of this scope and complexity, we encountered a few 'bumps' while integrating Dialogue with our legacy systems, but the commitment and support provided by the Exstream team helped us through them," states Brega. "Both the technology and business rules encompassed by the project were quite complex; more than four months of testing was planned prior to the project's deployment. But Dialogue's capabilities, coupled with Exstream's commitment and quick turnaround, made it possible for us to resolve issues up front and successfully meet all the marketing group's goals." The Relationship Statement illustrates the benefit of Total Merrill by consolidating information from multiple accounts into a summary report with up to five new summary pages. Each summary page focuses on a portfolio view of the client's relationship including an overall report, list of all accounts, balance sheet, portfolio review and monthly income gain/loss review. With an emphasis on usability and clarity, Dialogue's flexible design environment made it possible to standardise a template to house this account information, create data-driven variable charts for enhanced clarity, and insert dynamic cross-sell messages to promote the depth of the Merrill Lynch products.

POSITIVE RESULTS

Client feedback on the statement redesign has been positive with nearly 50 percent of clients noting a significant improvement over the prior statement. Clients can now better view and understand their complete financial picture, and Merrill Lynch Financial Advisors are able to further help identify their clients' personalised needs, offer solutions and assess progress. Reworking the entire statement has also paid off for Merrill Lynch in other ways. DALBAR, a financial services market research firm committed to raising the standards of excellence in the financial services industry, gave the new statement its top-rated designation and a "Seal of Excellence," noting it as superior in consumer preferences to any other in the brokerage category and likely to become the standard against which future statements will be judged. "Dialogue's design environment is easy to use and has saved time in creating the new monthly client statement," notes Brega. "Strategically, we would like to use Dialogue to simplify the maintenance and enhancement of other documents going forward. We have already seen a 15 percent reduction in the time it takes to make cosmetic or format changes to the statements due to its intuitive design environment and automated functionality. And, our marketing group continues to challenge us to execute even more sophisticated statement

http://www.document-manager.com/articles/reviews.asp?a_id=239

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Lockbox Services
WHAT ARE LOCKBOX SERVICES?
With our best-in-class lockbox services, checks for account receivables are deposited directly into your Working Capital Management Account (WCMA account) or Business Investor Account (BIA account) from any of seven U.S. locations, accelerating collection and cash application. With online imaging, data capture and export functionality, you can more effectively manage your account receivables system and reduce processing costs and errors.
WHEN SHOULD YOU CONSIDER LOCKBOX SERVICES?
If you want to improve cash flow and reduce office operation expenses, a wholesale lockbox may be the right solution for your business.

Consider lockbox when:
You receive over 100 checks per month.
Your staff spends substantial time and expense in processing accounts receivable.
Mail-float and in-house processing keep checks from being deposited into your account same-day.
Several departments need access to account receivables data.
Your customer base is geographically dispersed.
You are looking for cost-effective ways to comply with accounting requirements of the Sarbanes-Oxley Act.
LOCKBOX SERVICE FEATURES
Best-in-Class Lockbox Provider, PNC Bank
Seven U.S. Lockbox Locations
Same-Day Receivables, Data Collection
Reduced Internal Operating Costs
A/R Advantage, Image Lockbox
Help with Sarbanes-Oxley Compliance
WHAT ARE THE BENEFITS OF LOCKBOX SERVICES?
You receive best-in-class services from our lockbox provider, PNC Bank.
Third-largest provider of lockbox services in the U.S.
Seven-Site National Wholesale Network: Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and Pittsburgh.
Rated as one of the fastest Lockbox Networks in the country by Phoenix-Hecht*, a national evaluator of treasury management services.
You improve your bottom line by accelerating receivables and reducing in-house processing expenses.
Accelerate cash-flow by setting up one or more lockboxes near your client base to speed up mail and deposit time into your account.
Accelerate data.
Customize transmission information capture; delivery and electronic transmissions provide same-day receivables information you can use to automatically update your receivables ledger or accounting systems.
A/R Advantage image lockbox provides fast, accurate information to speed processing and help reduce errors.
Receive image capture of all checks, documents, envelopes and correspondence.
Access same-day updates via the Internet.
Control user access and security.
Share payment information online with Credit, Collections, A/R, Invoicing and Customer Service departments without IT resources.
Download data spreadsheet via the Internet.
Search check or remittance information with automated functionality.
View return item reporting over the Web.
Choose from multiple image delivery, archiving and data transmission options:
Web browser
Batch print
Bulk Web download
CD-ROM
Standard and custom transmissions
You help meet compliance with the Sarbanes-Oxley Act.
Outsourcing invoice and remittance processes with lockbox helps achieve Separation of Duties requirement.
Internal audit trails are strengthened.
WHAT ELSE SHOULD YOU KNOW ABOUT LOCKBOX SERVICES?
If your business has several locations where remittances are routinely sent, you may wish to consider reducing mail-float by using any or all of the lockbox sites.

Lockbox services are appropriate for U.S.-based businesses with substantial monthly inflows of paper-check remittances. However, they are not as suitable for businesses that receive the bulk of their remittances in cash or cash equivalents, such as money orders, traveler's checks, cashier's checks, bank drafts or foreign check deposits.
HOW CAN YOU GET STARTED?
With lockbox services from Merrill Lynch, you can unlock the value of your receivables to make the most of your operating cash, while helping to meet requirements of the Sarbanes-Oxley Act. To learn more about lockbox services, contact your Financial Advisor, who is your essential partner in helping you find customized solutions for your cash management needs. For additional information, visit www.business.ml.com.

* Rated A+ for "Timeliness of Receiving Images" in 2006 Phoenix-Hecht Quality Index. Results were, based on responses from 1,483 senior financial executives at public and private U.S. corporations, as compared with 31 other institutions.

The Working Capital Management Account (WCMA brokerage account) and the Business Investor Account (BIA account) are products of Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer, not a bank, and the WCMA account and the BIA account are not bank accounts. Banking services are provided by licensed banks or by third parties through licensed banks.

WCMA accounts are tiered, depending on the amount of funds in the account. Deposits from lockboxes to WCMA and BIA accounts will experience availability delays, depending on the tier assigned. Lockbox funds availability is based on your account asset tier. Contact your Financial Advisor for more details.

Lockbox services are offered through PNC Bank, an independent provider not affiliated with Merrill Lynch. Merrill Lynch refers lockbox inquiries to PNC Bank and may receive a fee for such referral.

http://askmerrill.ml.com/publish/marketing_centers/products/bfs012_LockboxService/
accessed on 12/9/2007
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Merrill Lynch Announces MLConnectSM Network


MERRILL LYNCH EXPANDS ITS COMMITMENT TO THE SMALL AND MIDSIZE RETIREMENT PLAN MARKET
Merrill Lynch Announces MLConnectSM Network
HOPEWELL, New Jersey, 16 October — Merrill Lynch (NYSE: MER) today announced the rollout of its new retirement-planning network, MLConnect. Comprising a network of retirement programs specially designed for Merrill Lynch, MLConnect blends the investment expertise of Merrill Lynch with an expanded network of prestigious service providers, and will begin accepting clients immediately.
The MLConnect alliance partners include BISYS® and PAYCHEX® for plans with up to $3 million in total assets. For plans with $3 million to $50 million in total assets, plan sponsors may choose from arrangements with INVESCO®, MFS®, OppenheimerFunds® and State Street Research & Management Company.
"In today's retirement planning marketplace, one size simply does not fit all. Our financial advisors can now provide an unparalleled array of choices through the combination of our proprietary offering and the MLConnect network," said James Davey, director of Strategic Alliances in the Merrill Lynch retirement group. "This new alliance lets employers choose an appropriate program based on the needs of their business and unique structure, and still work with a Merrill Lynch financial advisor."
Through the alliance partners, each program offers investments managed by Merrill Lynch Investment Managers, L.P. (MLIM), alongside those of INVESCO, MFS, OppenheimerFunds, State Street Research & Management Company and other select mutual fund families. These options allow employers to create well-rounded investment menus covering every asset class, investment style and risk/reward ratio that employees might need to build diversified portfolios.
Each program also provides educational materials designed to help employees make informed investment decisions, including an array of flexible, interactive tools to assist employees with portfolio management. Many programs in the network provide online account management, automated phone access, quarterly statements and performance reporting, as well as ongoing communications to reinforce and enhance participation.
"We are thrilled to make MLConnect available to our clients. We believe our network of value-added financial advisors and our defined contribution sales force will be a winning combination," said David A. Lieberman, CIMA, national sales director of the Merrill Lynch retirement group.
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 43 countries and total client assets of more than $1.6 trillion. As an investment bank, it is the top global underwriter and market maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Through MLIM, the company is one of the world's largest managers of financial assets. The Merrill Lynch retirement group is entrusted with over $280 billion in individual and retirement plan assets. For more information on Merrill Lynch, go to www.ml.com.
About BISYS
BISYS is a leading third-party administrator of small to midsize 401(k) plans, currently supporting more than 15,000 company-sponsored plans with approximately 1.3 million participants. BISYS supports its clients with quality recordkeeping, contemporary technologies, proven sales and marketing support, and superior participant communications.
About PAYCHEX
PAYCHEX, Inc. was founded in Rochester, New York, in 1971 to service the small business market. Today, it is a leading national provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll processing, payroll tax administration, direct deposit and check signing. Human resource and benefits outsourcing services include 401(k) plan recordkeeping, workers' compensation administration, Section 125 plans, a professional employer organization and other administrative services for businesses.
About INVESCO
INVESCO Retirement, Inc. (IRI) is one of the leading providers of defined contribution services in America today and a vital component of one of the world's most respected investment management organizations — AMVESCAP. AMVESCAP is one of the largest independent money managers in the world, with more than $408.4 billion in assets under management as of 30 June 2001. INVESCO entered the 401(k) plan market in 1988, and formed IRI to bring together its worldwide resources and an array of products and services to help build a retirement plan solution specific to the needs of each plan sponsor. Today, IRI offers a wide variety of products and services to both qualified and non-qualified plans, serving more than 600,000 participants and more than $31.9 billion in assets as of 30 June.
About MFS
MFS offers plan sponsors a choice of quality funds targeting a wide variety of investment objectives. MFS Retirement Services, Inc. (RSI), a subsidiary of MFS Investment Management, provides administration, recordkeeping and communication services for MFS Corporate Plan Services. Client service teams within RSI are staffed by skilled pension professionals dedicated solely to MFS Corporate Plan Services.
About OppenheimerFunds
OppenheimerFunds has been helping individual investors achieve their financial goals since 1960. One of the largest and most respected mutual fund companies in the U.S., it manages more than $115 billion in assets as of 30 September 2001, including funds with over 5 million shareholder accounts. Its broad family of more than 65 funds allows employees to create diversified portfolios for almost any investment goal.
About State Street Research & Management Company
State Street Research & Management Company is one of the nation's first investment management organizations, with over 77 years in the business. The Boston-based company is fundamentally research-driven, and it actively manages stock, bond and balanced portfolios for both institutional and individual investors. As of 30 September 2001, State Street Research managed $46 billion in assets, of which $16 billion represented mutual fund assets.
MLConnect is a service mark of Merrill Lynch & Co., Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated. Member NASD.
Merrill Lynch, Pierce, Fenner & Smith Incorporated is not affiliated with the other entities referenced herein.
— Contact:
Roberta Hess 609.274.6328
rhess2@exchange.ml.com

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http://askmerrill.ml.com/publish/marketing_centers/products/catalogs/tm_products_by_category/ accessed on 13/9/2007

Total Merrill Products
Categories

Advice and Planning
Beyond Banking
Solutions for Business Credit and Lending

Estate Planning Services
Investments
Retirement
Tracking Progress
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ADVICE AND PLANNING


Asset Allocation

Assessing Your Goals

Financial Foundation® Report

Investor Profile Questionnaire

Medical Bill Management and Claims-Filing Services

Retirement BuilderSM Program

Retirement Distribution Analysis

Retirement Goals and Savings Analysis

Services for Hearing- and Visually Impaired Clients

The Families of Children With Disabilities Program

The Financial Foundation® Report Special Needs Supplement

The Merrill Lynch Special Needs Calculator

The Special Needs Financial Advisor Network

Trustee/Service Provider Referral Program
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BEYOND BANKING

24/7 Telephone and Online Access

Automatic Cash Sweeps

Beyond Banking®

Direct Deposit Service

Fee-Refunded ATM Withdrawals

Funds Transfer Service
Merrill Lynch CMA® and Beyond Banking® Accounts

Online Bill Payment

Relationship-Based Interest Rates

Unlimited Check Writing

Visa® Debit Card

Visa® Signature Rewards® Card
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SOLUTIONS FOR BUSINESS


TOTAL MERRILL

Categorical Listing view products alphabetically
Advice and Planning Beyond Banking Solutions for Business Credit and Lending
Estate Planning Services Investments Retirement Tracking Progress


ADVICE AND PLANNINGGo to Top
Asset Allocation

Assessing Your Goals

Financial Foundation® Report

Investor Profile Questionnaire

Medical Bill Management and Claims-Filing Services
Retirement BuilderSM Program

Retirement Distribution Analysis

Retirement Goals and Savings Analysis

Services for Hearing- and Visually Impaired Clients

The Families of Children With Disabilities Program

The Financial Foundation® Report Special Needs Supplement

The Merrill Lynch Special Needs Calculator

The Special Needs Financial Advisor Network

Trustee/Service Provider Referral Program

BEYOND BANKINGGo to Top
24/7 Telephone and Online Access

Automatic Cash Sweeps

Beyond Banking®

Direct Deposit Service

Fee-Refunded ATM Withdrawals

Funds Transfer Service
Merrill Lynch CMA® and Beyond Banking® Accounts

Online Bill Payment

Relationship-Based Interest Rates

Unlimited Check Writing

Visa® Debit Card

Visa® Signature Rewards® Card

SOLUTIONS FOR BUSINESSGo to Top
Acquisition Financing

Merrill Lynch WCMA Business Access Visa® Card

Commercial Real Estate Financing

Electronic Federal Tax Payment

Financing Solutions for Businesses

Line of Credit

Lockbox Service

Merchant Processing Solutions

Online Business Banking


Paychex Payroll® Service

Revolving Term Financing

Sales & Divestiture Services

Succession Planning

Term Loans

Visa® Business Signature Card

Working Capital Management Account® (WCMA®)
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CREDIT AND LENDING


TOTAL MERRILL

Categorical Listing view products alphabetically
Advice and Planning Beyond Banking Solutions for Business Credit and Lending
Estate Planning Services Investments Retirement Tracking Progress


ADVICE AND PLANNINGGo to Top
Asset Allocation

Assessing Your Goals

Financial Foundation® Report

Investor Profile Questionnaire

Medical Bill Management and Claims-Filing Services
Retirement BuilderSM Program

Retirement Distribution Analysis

Retirement Goals and Savings Analysis

Services for Hearing- and Visually Impaired Clients

The Families of Children With Disabilities Program

The Financial Foundation® Report Special Needs Supplement

The Merrill Lynch Special Needs Calculator

The Special Needs Financial Advisor Network

Trustee/Service Provider Referral Program

BEYOND BANKINGGo to Top
24/7 Telephone and Online Access

Automatic Cash Sweeps

Beyond Banking®

Direct Deposit Service

Fee-Refunded ATM Withdrawals

Funds Transfer Service
Merrill Lynch CMA® and Beyond Banking® Accounts

Online Bill Payment

Relationship-Based Interest Rates

Unlimited Check Writing

Visa® Debit Card

Visa® Signature Rewards® Card

SOLUTIONS FOR BUSINESSGo to Top
Acquisition Financing

Merrill Lynch WCMA Business Access Visa® Card

Commercial Real Estate Financing

Electronic Federal Tax Payment

Financing Solutions for Businesses

Line of Credit

Lockbox Service

Merchant Processing Solutions

Online Business Banking
Paychex Payroll® Service

Revolving Term Financing

Sales & Divestiture Services

Succession Planning

Term Loans

Visa® Business Signature Card

Working Capital Management Account® (WCMA®)

CREDIT AND LENDINGGo to Top
100% Home Financing

Adjustable-Rate Mortgages

Blended Rate® Mortgage

Combination Mortgages/Credit Lines

Commercial Real Estate Financing

Construction-to-Permanent Home Financing

Corporate Home FinancingSM Program

Customized Lending Solutions

Fixed-Rate Mortgages

Fixed-to-Adjustable Rate Mortgages

Home Equity Loans and Lines of Credit

Home Financing for Non-Resident Clients

Low Documentation Mortgage Program
Interest-Only Payment Options

Line of Credit

Loan Management Account® (LMA®)

Margin Lending Program

Mortgage Pre-approval

Rate Lock and Rate Protection

Realty Advisory Services -

Revolving Term Financing

Sales & Divestiture Services

Securities Based Financing

Term Loans
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ESTATE PLANNING SERVICES

Blind/Visually Impaired Services

Business Succession Planning

Charitable Gift Annuity Services

Charitable Giving

Charitable Lead Trust

Charitable Remainder Trust

Charitable Trust Services

CMA® Account for Trusts

Consulting Services for Nonprofit Organizations

Credit Services for Nonprofits

Customized Lending Solutions

Deaf/Hard-of-Hearing Investor Services

Disability Income Insurance

Endowment Advantage® Service

Endowment Fund

Endowment ManagementSM Account (EMA®) Service
Families of Children/Adults With Disabilities

Family Foundation Services

Insurance Planning

Investment Management for Nonprofits (Endowment Advantage® Service)

Life Insurance in Estate Planning

Line of Credit

Long-Term Care Insurance

Medical Bill Management Services

Merrill Lynch Community Charitable Fund® Program

Philanthropic Services

Planned Giving Consulting Services

Pooled Income Fund Services

Restricted Stock Sale

Services for Individual Fiduciaries

Supporting Organizations

Transfer on Death Services

Trust Administrative AdvantageSM (TAA)

Trusteed Management AccountsSM (TMA)

Wealth Transfer Strategies
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INVESTMENTS

10b5-1 Selling Plans

Accelerated Return Notes

Agency Securities

American Depositary Receipts

Cash Management Account

CD Rates

Certificates of Deposit (CDs)

Closed-End Funds

Collars

Collateralized Mortgage Obligations

Commodity Linked Notes

Common Stock

Contingent Variable Forwards

Corporate Debt Securities

Currency Basket Notes

Dividend Reinvestment

Education Savings AccountSM

ELEMENTSSM

Exchange Funds

Exchange-Traded Funds

FDIC-Insured Certificates of Deposit

FDIC-Insured Money Market Accounts

Fixed Annuity

Floating-Rate Notes

Fund Families

Hedge Funds

HOLDRS®

Investor Notes

Leveraged Index Return Notes

Long-Short Notes

Managed Futures

Market Index Target Term Securities

The Merrill Lynch Advisory PortfoliosSM Program

Merrill Lynch Consults AnnuitySM

Merrill Lynch Consults®

Merrill Lynch Consults® Diversified Portfolios

Merrill Lynch Health Savings Account
Merrill Lynch Mutual Fund Advisor Selects® Program

Merrill Lynch Mutual Fund Advisor® Program

Merrill Lynch Personal AdvisorSM

Money Market Funds

Mortgage-Backed Securities

Municipal Bonds

Municipal LIBOR Floating-Rate Securities

Mutual Funds at Merrill Lynch

The NextGen College Investing Plan: A Section 529 Qualified Tuition Program

Non-Proprietary Fixed Annuities

Options

Over-the-Counter Calls and Puts

Personal Investment AdvisorySM Program

Preferred Securities

Prepaid Forwards

Private Equity

Proprietary Fixed Annuities

Protected Covered Call Enhanced Income Notes

Purchasing a Variable Annuity at Merrill Lynch (A Client Disclosure Pamphlet)

Rule 144/145 Sales and Lending

Sector Strategy Portfolios

Select Sector SPDRs®

Step Up Notes

Strategic Portfolio AdvisorSM

Structured Credit

Summation Securities

Tax-Advantaged Money Fund

TRAKRSSM

Unit Investment Trusts

Unlimited Advantage® Service

U.S. Treasury Inflation-Indexed Securities

U.S. Treasury Securities

Warrants
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RETIREMENT

BasicSM Retirement Plan

401(k) Plan

403(b) Plan / Retirement SelectorSM Account (RSA)

Defined Benefit Plan

Annuities

Coverdell Education Savings Account (ESA)

Merrill Lynch Retirement Income ServiceSM

Merrill Lynch Trust Company Trusteed IRA

Net Unrealized Appreciation

Profit Sharing Plans

Retirement BuilderSM Program

Retirement Cash Management Account (RCMA)SM
SIMPLE Retirement Account (SRA) Program



Simplified Employee Pension (SEP) Program

Stretch IRA

The Basic Retirement Program

UGMA/UTMA Custodial Account

Unit Investment Trusts


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TRACKING PROGRESS

Asset Information and MeasurementSM Service

Bond Portfolio Review

Client Review

GreenTrak Report™
Merrill Lynch OnLine®

My Financial PictureSM


http://askmerrill.ml.com/publish/marketing_centers/products/catalogs/tm_products_by_category/
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New Product Idea

Merrill Lynch tries to replicate forex hedge fund strategies

March 2007

The New York firm said Thursday that it's in the process of developing a tool designed specifically to replicate the foreign exchange investment strategies of hedge funds.
The tool, which isn't yet available for client use, is aimed at helping clients better access the foreign exchange market as an asset class, or hedge underlying exposure to currency funds using trading strategies largely employed by hedge fund portfolio managers.
The initiative, called ML FX Clone, is the first such clone to be attempted explicitly in the foreign exchange arena, according to Merrill.
The tool tries to "replicate the performance of currency portfolios by loading up on particular strategies that are commonly employed by (hedge fund portfolio) managers," Alex Patelis, head of global foreign exchange and local currency strategy at Merrill Lynch, said in a research note.
Merrill is employing three trading strategies in order to replicate the activity of these fast-moving funds: a momentum strategy, in which managers employ trend-following techniques, a carry strategy in which managers borrow in low-yielding currencies in order to invest in higher-yielding units, and a U.S. dollar strategy in which managers take positions in the dollar versus other currencies.
Interestingly, according ML FX Clone backtesting, the momentum strategy most closely correlates with the results of widely-used hedge fund performance indices, including the FX Parker index.
Merrill Lynch clients can currently access the foreign exchange market by implementing their own trades, either with or without the help of Merrill's currency research trade recommendations, or by investing in a number of foreign exchange products that the firm's structuring desk has created.
The new tool, which is currently still only a research initiative and is being developed by the firm's foreign exchange strategy team, is "part of an extensive body of academic literature showing that hedge fund performance can be replicated using a variety of approaches," Patelis noted, which may make it increasingly difficult to justify paying higher fees for active hedge fund portfolio management.

http://www.marketwatch.com/news/story/merrill-lynch-tries-replicate-forex/story.aspx?guid=%7BFA4E8B4E-DA6E-49E5-90AA-36722E0996B3%7D
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