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Merrill Lynch Ends 2013 on a High Note

A strong fourth quarter capped off a big year at Merrill Lynch as Bank of America's brokerage business reaped the rewards of a rising stock market and some big investments in financial planning.

The Global Wealth and Investment Management division, which includes Merrill Lynch and U.S. Trust, brought in almost $4.5 billion in revenue and record profit of $777 million in the quarter, a 15% and 26% increase year-over-year, respectively. For the year, revenue of $17.8 billion was up 7% from 2012.

Managed account assets across the global wealth unit peaked at $821 billion in the fourth quarter, up 15% on a year-over-year basis. Inflows of long-term assets under management doubled from 2012 levels as the firm brought in more than $10 billion on average each quarter and a total of $48 billion in net new flows to managed accounts for the year.

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