Merrill Lynch has hived off its Employee Stock Purchase Plan business to Australian securities software provider Computershare.
Under the agreement, Computershare is to provide technology, administration and other shareholder services to more than 300 of Merrill Lynch's ESPP clients, who will be integrated into its existing employee-share-plan business. Merrill Lynch will continue to provide brokerage, clearance and settlement services.
Computershare says it will extend employment offers to Merrill Lynch's ESPP staff of approximately 100 in both Somerset, NJ, and Denver.
Mac Gardner, senior vice president of Merrill Lynch's benefits and investment solutions group comments: "We chose to enter this alliance with Computershare quite simply because we feel our clients will benefit from the company's financial strength, superior global technology platform and focus on shareholder services."
The closing of the transaction, which is subject to regulatory and other conventional contingencies, is scheduled for December.