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BOARD OF DIRECTORS ELECTS DANIEL P. TULLY CHAIRMAN; MERRILL LYNCH SURPASSES $500 BILLION IN CLIENT ASSETS

 BERLIN, June 7 /PRNewswire/ -- At its regular meeting today, the Merrill Lynch & Co., Inc. board of directors elected Chief Executive Officer Daniel P. Tully to the additional position of chairman of the board, effective June 29, 1993.
 Mr. Tully will succeed William A. Schreyer, who becomes chairman emeritus on that date.
 The company's executive management also informed the board that at the end of May, Merrill Lynch had surpassed a milestone $500 billion in total client assets worldwide, more than any other securities firm.
 "We are extremely proud that assets entrusted to us by our clients now exceed half-a-trillion dollars. This is an important milestone for us and our clients, and an historic achievement in the securities industry," Mr. Tully said.
 "Executive Vice Presidents Launny Steffens and Arthur Zeikel and the men and women throughout our private client and asset management groups deserve tremendous credit for earning this position as trusted advisor to more than six million investment accounts around the world."
 Mr. Tully, 61, has spent his entire business career at Merrill Lynch, which he joined in 1955 in the accounting department. After serving as an account executive and manager in the Stamford, Conn., office, in 1976 he was appointed individual sales director in the firm's New York City headquarters.
 In a succession of management positions, Mr. Tully orchestrated the company's shift from a product-driven sales effort to a client focused marketing approach. This has led to Merrill Lynch's highly successful asset gathering and asset management strategy. He became president and chief operating officer in July, 1985, and was named chief executive officer in May, 1992.
 A New York City native, Mr. Tully graduated from St. John's University with a Bachelor of Business Administration degree, and completed Harvard Business School's Advanced Management Program.
 Mr. Schreyer, 65, will retire from Merrill Lynch on June 28, the exact anniversary of the date 45 years ago when he joined Merrill Lynch as a junior executive trainee.
 The board of directors today elected him chairman emeritus, in recognition of "its deep appreciation and gratitude for his exceptional leadership and service to Merrill Lynch."
 The Merrill Lynch board held its meeting in Berlin in conjunction with a series of meetings and receptions for clients, including German business and government leaders.
 Merrill Lynch opened its first German office in 1960 in Frankfurt, and has since expanded its presence with offices in Berlin, Dusseldorf, Hamburg and Munich. The company employs approximately 200 people in Germany, providing a wide range of financial services to corporations, financial institutions, public sector organizations and private investors.
 -0- 6/7/93
 /NOTE TO EDITORS: Photos of Messrs. Tully and Schreyer are available from Merrill Lynch media relations, 212-449-7282, or Wieck Photo Database, Inc., 214-416-3686/
 /CONTACT: James Wiggins, 212-449-7280, or Paul Critchlow in Berlin, 011-49-30-884-34821, both of Merrill Lynch/
 (MER)


CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU: PER

TS-LR -- NY035 -- 5970 06/07/93 11:15 EDT
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Date:Jun 7, 1993
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