- Looking to further technological innovation in the financial services industry, Merrill Lynch has launched an internal venture capital fund to seed in-house technology brainstorms by its employees.
According to an announcement, the venture will fund and support business plans created by Merrill Lynch employees in such areas as IT infrastructure, mobile technology and data management.
The fund will be supported by the company's global private equity activities, which boasts more than $US1 billion in committed capital.
Cap Gemini Ernst & Young, efinanceworks and Startupfactory have been enlisted to help get the businesses off the ground, using their technical and industry expertise. Those partners will also generate some of the ideas that get funded.
Merrill Lynch touts the move as a shot-in-the-arm for entrepreneurism in the financial services market, and adds that it should help drive its own technological development and attract and retain top-quality employees.