Nov. 30, 2001 – Merrill Lynch has notified its clients that it is closing its St. Thomas office on Norre Gade as of Dec. 21.
"Deposits will not be accepted at this address" after Dec. 21, according to the notice. Instead they should be mailed to an address in Memphis, Tenn.
The Virgin Islands headquarters for the investment advisory firm has long been on St. Croix, and the company will continue to operate from that office.
"We're just making a rational decision to close a cost center that's not effective,
said Robert Koch, first vice president and senior financial adviser for Merrill Lynch of the V.I.
"Nothing's changing."
Of the three financial advisors now working on St. Thomas, Koch said one will retire, one will move to the mainland and the third hasn't decided what to do yet. Clients are being told they can call the St. Croix office for services. Also, Merrill Lynch will have a limited presence in Corporate Place on St. Thomas where the office will be staffed by one person.
The company first came to the territory in 1977, Koch said. When Prudential Bache closed "a few years ago," Merrill Lynch took over its facilities and "picked up a few" of its customers.
He declined to discuss the number of clients Merrill Lynch services. Its St. Croix office is staffed with about 12 people.
Koch stressed that St. Thomas customers should notice no real change in service.
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