PROFILE: Merrill Lynch and FIS bridge the retail gap
The US distribution channels for structured products are undergoing a transformation. Investment banks are now offering their products to the external securities brokers and dealers. And Following the partnership between JP Morgan and Fidelity earlier this year, Merrill Lynch is now set to distribute its products via Fixed Income Securities (FIS), a US-based broker-dealer and registered investment adviser, from this month.
An increasing number of retail investors are buying structured products from their financial advisers and so its hardly surprising that the US investment banks are tapping the retail market by forming partnerships with the external securities brokers and dealers.
FIS formed a partnership with Merrill Lynch’s Global Markets and Investment Banking division, earlier this month. Under the agreement, FIS will distribute Merrill Lynch’s financial products to the Registered Investment Advisors (RIAs)
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