High-profile distribution executive Nicholas Allen is no longer on the Bank Of America-Merrill Lynch payroll.
The former Colonial First State head of distribution went to Merrill Lynch two years ago to establish a unit selling synthetic and alternatives products to super funds, however he will now continue that work on a part-time consulting basis.
Super fund distribution associate Emma Dundas remains on board, reporting to the head of structured products marketing and sales – Australia, John Mosse.
Allen said that while Bank of America and Merrill Lynch worked to integrate and rationalise their businesses, it was important the link to the local super industry be maintained. Allen had contracted Steve Gibbs, the former chief executive of Australian Reward Investment Alliance, to help build those links however Gibbs’ 12 month agreement recently came to an end and was not renewed.
The most popular product sold from the synthetic/alternatives unit at present were Merrill’s ‘Delta One’ equity swaps, which Allen said were being used by some funds to reweight to Australian equities in an immediate way, while they continued to review their managers in the asset class.
Allen said he was seeking other projects on top of his continuing commitment to Merril Lynch.