Merrill Lynch's strategic plans for its $513bn (€416bn) investment management business are under review. It bought the group in 1997 but performance has dropped and a sale of the group is now being linked to Legg Mason, the US-listed mutual fund group.

Merrill Lynch said in a statement: "From time to time we review strategic plans for each of our various businesses and review the options available to us to achieve our growth plans."