Kozlowski Steps Down at Merrill Lynch

Marianne E. Kozlowski, a managing director in Merrill Lynch & Co.'s municipal finance division, will leave the firm after 15 years, a Merrill spokesperson said yesterday.

"She has agreed to assist in the transition and no effective date for her resignation has been set," the spokesperson said. "She is a longtime and well regarded managing director of the firm."

The spokesperson referred questions about the reason for Kozlowski's departure and what she plans to do next to Kozlowski herself. Kozlowski could not be reached for comment.

Merrill declined to comment on how Kozlowski's responsibilities would be handled after her departure. Kozlowski has managed over $4 billion of New York financings since assuming responsibility for New York issuers at Merrill in 1993.

She has served as a senior banker in the municipal, health care finance, investment banking, and derivative products departments since joining the firm in 1982.

Koslowski's departure comes on the heels of the recent departures of long-time muni veterans Arnold Finkelstein and Roger Hershey, who left Merrill's municipal sales and trading department earlier this month.