Merrill Lynch Asset Management (MLAM) has plans to upgrade its portfolio management software, says an industry source. The firm is rumored to be considering in-house development. MLAM currently runs an older version of Maximum Data Corp.'s MaxData system, which the firm began developing in conjunction with Paine-Webber more than ten years ago. MLAM bought the code from PaineWebber and continued the development, and now considers the system proprietary. The firm runs the system on a minicomputer

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