New York Times, The (NY) - December 2, 1995
Deceased Name: Dakin B. Ferris, 69, Financial Services Innovator
Dakin B. Ferris, a retired executive who helped Merrill Lynch & Co. expand outside the stock brokerage business, died Thursday at his home in Atlanta after a long illness. He was 69. During the late 1970's and early 1980's, Mr. Ferris was in charge of Merrill Lynch's expansion into real estate and insurance. He was also part of a group that developed and managed the highly successful and innovative cash management account that allowed Merrill Lynch customers to write checks against an account that included a credit card, a line of credit and their securities holdings. The cash management account quickly attracted billions of dollars of customer funds and has since been widely imitated by other companies. The account enabled investors to earn interest on money that would otherwise sit in a bank checking account that did not pay interest, and its popularity was one of the reasons bankers were able to persuade Federal regulators to change their rules and allow banks to pay interest on some kinds of checking accounts. At one time in the early 1980's, Merrill Lynch was the country's second leading broker in home sales, and a leader in other real estate services for relocating employees of other companies. Althugh Merrill Lynch has since sold those businesses, the companies that Mr. Ferris built to provide loans backed by real estate and to offer life insurance and annuities remain important businesses at Merrill Lynch. "His creativity and willingness to break through barriers helped us define our business in broader terms," said Daniel T. Tully, chairman of Merrill Lynch. Mr. Ferris was born in Garden City, L.I., but raised in Griffin, Ga., and later attended the Georgia Institute of Technology. He served in the U.S. Army Air Corps during World War II. Like many other Merrill Lynch executives, Mr. Ferris spent his early years with the company as a broker. He joined the company at its Pensacola, Fla., office in 1947 and soon became the youngest branch manager in the company's history. By 1960 he was manager of the much larger Atlanta office. In 1970, Mr. Ferris began the first of several jobs at Merrill Lynch's New York headquarters, becoming executive vice president in charge of diversified financial services in 1978. From 1984 until his retirement in 1986, he was vice chairman of the company. Mr. Ferris was active in many securities industry organizations, including the Securities Industry Association, where he was vice chairman. He was also a director of many companies. Mr. Ferris is survived by his wife, Joyce, who lives in Atlanta, as well as two daughters, Virginia Cerre of Sausalito, Calif., and Caroline Spain of Atlanta; a brother, Henry, of Louisville, Ky., and four grandchildren.
Deceased Name: Dakin B. Ferris, 69, Financial Services Innovator
Dakin B. Ferris, a retired executive who helped Merrill Lynch & Co. expand outside the stock brokerage business, died Thursday at his home in Atlanta after a long illness. He was 69. During the late 1970's and early 1980's, Mr. Ferris was in charge of Merrill Lynch's expansion into real estate and insurance. He was also part of a group that developed and managed the highly successful and innovative cash management account that allowed Merrill Lynch customers to write checks against an account that included a credit card, a line of credit and their securities holdings. The cash management account quickly attracted billions of dollars of customer funds and has since been widely imitated by other companies. The account enabled investors to earn interest on money that would otherwise sit in a bank checking account that did not pay interest, and its popularity was one of the reasons bankers were able to persuade Federal regulators to change their rules and allow banks to pay interest on some kinds of checking accounts. At one time in the early 1980's, Merrill Lynch was the country's second leading broker in home sales, and a leader in other real estate services for relocating employees of other companies. Althugh Merrill Lynch has since sold those businesses, the companies that Mr. Ferris built to provide loans backed by real estate and to offer life insurance and annuities remain important businesses at Merrill Lynch. "His creativity and willingness to break through barriers helped us define our business in broader terms," said Daniel T. Tully, chairman of Merrill Lynch. Mr. Ferris was born in Garden City, L.I., but raised in Griffin, Ga., and later attended the Georgia Institute of Technology. He served in the U.S. Army Air Corps during World War II. Like many other Merrill Lynch executives, Mr. Ferris spent his early years with the company as a broker. He joined the company at its Pensacola, Fla., office in 1947 and soon became the youngest branch manager in the company's history. By 1960 he was manager of the much larger Atlanta office. In 1970, Mr. Ferris began the first of several jobs at Merrill Lynch's New York headquarters, becoming executive vice president in charge of diversified financial services in 1978. From 1984 until his retirement in 1986, he was vice chairman of the company. Mr. Ferris was active in many securities industry organizations, including the Securities Industry Association, where he was vice chairman. He was also a director of many companies. Mr. Ferris is survived by his wife, Joyce, who lives in Atlanta, as well as two daughters, Virginia Cerre of Sausalito, Calif., and Caroline Spain of Atlanta; a brother, Henry, of Louisville, Ky., and four grandchildren.
New York Times, The (NY) - December 2, 1995
Deceased Name: Dakin B. Ferris, 69, Financial Services Innovator
Dakin B. Ferris, a retired executive who helped Merrill Lynch & Co. expand outside the stock brokerage business, died Thursday at his home in Atlanta after a long illness. He was 69. During the late 1970's and early 1980's, Mr. Ferris was in charge of Merrill Lynch's expansion into real estate and insurance. He was also part of a group that developed and managed the highly successful and innovative cash management account that allowed Merrill Lynch customers to write checks against an account that included a credit card, a line of credit and their securities holdings. The cash management account quickly attracted billions of dollars of customer funds and has since been widely imitated by other companies. The account enabled investors to earn interest on money that would otherwise sit in a bank checking account that did not pay interest, and its popularity was one of the reasons bankers were able to persuade Federal regulators to change their rules and allow banks to pay interest on some kinds of checking accounts. At one time in the early 1980's, Merrill Lynch was the country's second leading broker in home sales, and a leader in other real estate services for relocating employees of other companies. Althugh Merrill Lynch has since sold those businesses, the companies that Mr. Ferris built to provide loans backed by real estate and to offer life insurance and annuities remain important businesses at Merrill Lynch. "His creativity and willingness to break through barriers helped us define our business in broader terms," said Daniel T. Tully, chairman of Merrill Lynch. Mr. Ferris was born in Garden City, L.I., but raised in Griffin, Ga., and later attended the Georgia Institute of Technology. He served in the U.S. Army Air Corps during World War II. Like many other Merrill Lynch executives, Mr. Ferris spent his early years with the company as a broker. He joined the company at its Pensacola, Fla., office in 1947 and soon became the youngest branch manager in the company's history. By 1960 he was manager of the much larger Atlanta office. In 1970, Mr. Ferris began the first of several jobs at Merrill Lynch's New York headquarters, becoming executive vice president in charge of diversified financial services in 1978. From 1984 until his retirement in 1986, he was vice chairman of the company. Mr. Ferris was active in many securities industry organizations, including the Securities Industry Association, where he was vice chairman. He was also a director of many companies. Mr. Ferris is survived by his wife, Joyce, who lives in Atlanta, as well as two daughters, Virginia Cerre of Sausalito, Calif., and Caroline Spain of Atlanta; a brother, Henry, of Louisville, Ky., and four grandchildren.
Deceased Name: Dakin B. Ferris, 69, Financial Services Innovator
Dakin B. Ferris, a retired executive who helped Merrill Lynch & Co. expand outside the stock brokerage business, died Thursday at his home in Atlanta after a long illness. He was 69. During the late 1970's and early 1980's, Mr. Ferris was in charge of Merrill Lynch's expansion into real estate and insurance. He was also part of a group that developed and managed the highly successful and innovative cash management account that allowed Merrill Lynch customers to write checks against an account that included a credit card, a line of credit and their securities holdings. The cash management account quickly attracted billions of dollars of customer funds and has since been widely imitated by other companies. The account enabled investors to earn interest on money that would otherwise sit in a bank checking account that did not pay interest, and its popularity was one of the reasons bankers were able to persuade Federal regulators to change their rules and allow banks to pay interest on some kinds of checking accounts. At one time in the early 1980's, Merrill Lynch was the country's second leading broker in home sales, and a leader in other real estate services for relocating employees of other companies. Althugh Merrill Lynch has since sold those businesses, the companies that Mr. Ferris built to provide loans backed by real estate and to offer life insurance and annuities remain important businesses at Merrill Lynch. "His creativity and willingness to break through barriers helped us define our business in broader terms," said Daniel T. Tully, chairman of Merrill Lynch. Mr. Ferris was born in Garden City, L.I., but raised in Griffin, Ga., and later attended the Georgia Institute of Technology. He served in the U.S. Army Air Corps during World War II. Like many other Merrill Lynch executives, Mr. Ferris spent his early years with the company as a broker. He joined the company at its Pensacola, Fla., office in 1947 and soon became the youngest branch manager in the company's history. By 1960 he was manager of the much larger Atlanta office. In 1970, Mr. Ferris began the first of several jobs at Merrill Lynch's New York headquarters, becoming executive vice president in charge of diversified financial services in 1978. From 1984 until his retirement in 1986, he was vice chairman of the company. Mr. Ferris was active in many securities industry organizations, including the Securities Industry Association, where he was vice chairman. He was also a director of many companies. Mr. Ferris is survived by his wife, Joyce, who lives in Atlanta, as well as two daughters, Virginia Cerre of Sausalito, Calif., and Caroline Spain of Atlanta; a brother, Henry, of Louisville, Ky., and four grandchildren.
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