Merriman Curhan Ford Sells ICD
San Francisco boutique investment banking firm Merriman Curhan Ford announced the sale of two groups, including the online money market trading portal Institutional Cash Distributors (ICD). The company's press release says, "Merriman Curhan Ford Group, Inc. today announced the sale of two service groups to focus on its core investment banking and institutional brokerage business lines. The firm has sold Panel Intelligence, LLC and Institutional Cash Distributors (ICD) to employees of those respective service groups. The expected $3.1 million in total proceeds from these two separate transactions will be used to strengthen Merriman's balance sheet for growth in a tough capital markets environment. Going forward, ICD will continue to work with Merriman as a client under various service agreements." See also, ICI's weekly money fund statistics, which show total MMMF assets rising by $2.38 billion to $3.906 trillion.
