By Park Hyong-ki
Staff Reporter
Merrill Lynch, the world's third largest securities firm, said that its executive vice president Dow Kim will leave the company by the end of 2007 to set up his own investment firm.
Kim, 44, is also co-president of the Global Markets and Investment Banking group of Merrill. The New York-based investment bank announced the appointment of Ahmass Fakahany and Gregory Fleming to the new positions of co-presidents of the company.
Merrill's Chairman and CEO Stan O'Neal said in a statement that Kim had expressed his desire for sometime to found his own business and put his investment and quantitative skills on the market.
``This is an opportune time for him to venture out on his own, as the company is performing extremely well, with an accomplished team of senior managers,'' O'Neal said.
O'Neal described Kim as a ``respected, valued and energetic'' member of the company's senior team, who made many contributions to the rebuilding of the company's institutional capabilities and geographic footprint. Kim is expected to be available to the company through the end of the year.
Kim, born and brought up in Korea as well as growing up in Singapore and the U.S., joined Merrill in 1994 to manage its debt derivatives trading desk. From 2001 to 2003, Kim served as the head of Global Debt Markets.
Kim said in a statement that he has a personal goal founding and running his own firm. ``I don't think there will ever be a more opportune moment than now for me to explore how best to do so," he said.
Merrill said that it would be an initial client of Kim's new firm, with details of the company's potential affiliation with Kim's firm yet to be decided. Kim will also serve as an advisor to Merrill Lynch's senior management during the transition period.