Cleary says ML take over won’t affect edeus

The Bank of America buy out of Merrill Lynch this weekend will bear no impact on edeus.

Alan Cleary, managing director of edeus says the change may affect Merill’s strategy moving forward but that the change would then be felt at Oakwood – the firm that received funding from Merrill that has invested in edeus.

Cleary says: “It will have no effect on edeus. And as for its effect on Oakwood, it has already invested the money and so its about whether it will continue to do so in the future. We’ll have to wait till the deal is finalised to find out.”

Andrew Montlake, partner at Cobalt Capital, says: “I think it is a matter of wait and see- one of a billion things could happen. I’m sure it will have an effect on edeus but I wouldn’t like to speculate.”

Michael Culhane, group chief executive officer of Oakwood Global Finance, says: ” I agree with Cleary, I don’t think the impact of this will be profound but in the medium term it is a positive development.

“If Merrill hadn’t been bought by BoA than it would have been the next to go – not because its a bad bank but because of the psychology of the market. The BoA buyout has hopefully stopped the dominos falling.”