Merrill Closes North Tower Management Group Lipschutz Resigns After Marketing Efforts Fail
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Merrill Lynch Capital Markets Inc. closed its North Tower Management Group subsidiary after attempts to get its currency fund trading didn't pan out one year after its inception. Officials there say the decision was made after marketing efforts failed to generate enough interest from overseas institutions. William Lipschutz, who Merrill hired to head the unit last September, resigned from his post as managing director there early last week.
"We never took in any money, we had a couple of
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