Eleven of the HOLDRS, narrowly focused portfolios created by Merrill Lynch, are expected to be shut during the fourth quarter of 2011, Index Universe reports. The products, which have over $4 billion in assets under management, were set up in early 1990s and 2000s. The Telecom HOLDRS with $124 million in assets under management is one of the products being liquidated. Recently, Van Eck Global, the New York-based money management firm, signed a deal with Bank of America unit to buy six HOLDRS, which have a combined $3.65 billion in assets.
Click here for the story from Index Universe.