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Funds News

Merrill co-president Fakahany seen leaving: sources

The Merrill Lynch headquarters are seen in a file photo. Merrill Lynch & Co Inc co-President Ahmass Fakahany, a confidante of CEO Stan O'Neal and who had a hand in overseeing risk management at the company, is expected to resign, according to people familiar with the situation. REUTERS/Jeff Christensen

NEW YORK (Reuters) - Merrill Lynch & Co Inc MER.N co-President Ahmass Fakahany, a confidante of CEO Stan O'Neal and who had a hand in overseeing risk management at the company, is expected to resign, according to people familiar with the situation.

Merrill Lynch declined to comment.

Fakahany shares the title of president with Greg Fleming, a star investment banker at Merrill Lynch. Fakahany is closely linked with Merrill risk management practices, which have come under fire after the company recorded an $8.4 billion write-down for the third quarter.

Fakahany is responsible for oversight of all of the company’s operating businesses and related support services.

From March 2005 until being named to his current role in May, Fakahany was vice chairman and chief administrative officer, responsible for the company’s chief financial office, which includes controllers and market risk management.

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