CIBC Wood Gundy has begun laying out its integration plans to Merrill Lynch brokers.

The integration team is headed by Art Mannarn, deputy head of Wood Gundy. In a memo to Merrill brokers, Mannarn indicates that CIBC may receive regulatory approval to close the deal as early as December 14, and that it is hoping to get approval by December 28 at the latest.

The acquisition of Merrill Lynch Investment Managers is expected to take longer, and may not get approval until January 31, 2002.

Once the deal is approved, client confirmations and account statements will begin bearing the CIBC Wood Gundy logo immediately, and the united firm will operate as CIBC Wood Gundy from that point on. The Merrill Lynch logo will linger for 45 days after closing in brochures and marketing material, and will then be replaced by the CIBC Wood Gundy logo.

In the short term, both Merrill Lynch and CIBC Wood Gundy brokers will continue to sell the same slate of products as they currently offer. However, a full product review is underway.

The memo says that the integration team is assessing systems and back office operations, and it hopes to convert them by July 2002. Employees registered by the IDA will have their licences transferred to CIBC World Markets Inc.

In a statement to brokers, Wood Gundy’s Tom Monahan, stresses that the integration plans will reflect the input of employees from both organizations. He says, “The primary strength of our new organization is the talent resident in both organizations. Retaining this talent is critical to our continued success. Being client focused must remain our top priority — we will move through the integration with a minimum of client impact and continue to focus on serving the needs of our clients.”