EXHIBIT 21 SUBSIDIARIES OF THE REGISTRANT ------------------------------ The following are subsidiaries of ML & Co. as of March 24, 1995 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. Except as otherwise specified, in each case ML & Co. owns, directly or indirectly, at least 99% of the voting securities of each subsidiary. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a "significant subsidiary" as that term is defined in Rule 1.02(v) of Regulation S-X, under the Securities Exchange Act of 1934.
STATE OR JURIS- NAME DICTION OF ENTITY - ---- ----------------- Merrill Lynch & Co., Inc....................................... Delaware Merrill Lynch, Pierce, Fenner & Smith Incorporated/1/........ Delaware Broadcort Capital Corp.................................... Delaware Merrill Lynch & Co., Canada Ltd........................... Ontario Merrill Lynch Canada Incorporated/Incorporee............ Nova Scotia Merrill Lynch Life Agency Inc./2/......................... Washington Merrill Lynch Princeton Incorporated...................... Delaware ROC Denver, Inc........................................... Delaware R.O.C. Florida, Inc....................................... Florida ROC Texas, Inc............................................ Texas Wagner Stott Clearing Corp./3/............................ Delaware Green Equity, Inc............................................ New Jersey Merrill Lynch Bank & Trust Co................................ New Jersey Merrill Lynch Capital Services, Inc.......................... Delaware Merrill Lynch Derivative Products, Inc./4/................... Delaware Merrill Lynch Government Securities Inc...................... Delaware Merrill Lynch Government Securities of Puerto Rico S.A.... Delaware Merrill Lynch Money Markets Inc........................... Delaware Merrill Lynch Group, Inc..................................... Delaware HQ North Company, Inc..................................... New York Investor Protection Insurance Company..................... Vermont Merrill Lynch Capital Partners, Inc....................... Delaware Merrill Lynch Fiduciary Services, Inc..................... New York Merrill Lynch Futures Inc................................. Delaware
- ---------- /1/ MLPF&S also conducts business as "Merrill Lynch & Co." /2/ Similarly named affiliates and subsidiaries that engage in the sale of life insurance and annuity products are incorporated in various other jurisdictions. /3/ The preferred stock of the corporation is owned by an unaffiliated group of investors. /4/ ML & Co. owns 100% of this corporation's outstanding common voting stock. 100% of the outstanding preferred voting stock is held by outside parties. The board of directors consist of 10 members, 9 of which are ML & Co. employees and 1 of which represents outside parties.
STATE OR JURIS- NAME DICTION OF ENTITY - ---- ----------------- MERRILL LYNCH & CO., INC. MERRILL LYNCH GROUP, INC. (CONT'D) Merrill Lynch, Hubbard Inc./5/...................... Delaware Merrill Lynch Insurance Group, Inc.................. Delaware Merrill Lynch Life Insurance Company.............. Arkansas ML Life Insurance Company of New York............. New York Merrill Lynch International Finance Corporation..... New York Merrill Lynch International Bank Limited.......... England Merrill Lynch Bank (Suisse) S.A................. Switzerland Merrill Lynch Trust Company (Jersey) Limited.... Jersey, Channel Islands Merrill Lynch L.P. Holdings, Inc.................... Delaware Merrill Lynch MBP Inc............................... Delaware Merrill Lynch Mortgage Capital Inc.................. Delaware Merrill Lynch National Financial.................... Utah Merrill Lynch Private Capital Inc./6/............... Delaware Merrill Lynch Trust Company......................... New Jersey Merrill Lynch Business Financial Services Inc..... Delaware Merrill Lynch Credit Corporation.................. Delaware Merrill Lynch Home Equity Acceptance, Inc....... Delaware Merrill Lynch Trust Company......................... Florida Merrill Lynch Trust Company of America.............. Illinois Merrill Lynch Trust Company of California........... California Merrill Lynch Trust Company of Texas................ Texas Merrill Lynch/WFC/L, Inc............................ New York ML Futures Investment Partners Inc.................. Delaware ML IBK Positions Inc................................ Delaware Merrill Lynch Capital Corporation/7/........... Delaware ML Leasing Equipment Corp./8/....................... Delaware Merlease Leasing Corp............................. Delaware Merrill Lynch Venture Capital Inc................. Delaware Princeton Services, Inc./9/......................... Delaware Merrill Lynch International Incorporated............... Delaware Merrill Lynch GFX, Inc.............................. Delaware Merrill Lynch International (Australia) Limited..... New South Wales Merrill Lynch International Bank.................... United States Merrill Lynch International Holdings Inc............ Delaware
- ---------- /5/ This corporation has more than 30 direct or indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of real estate limited partnerships. /6/ This corporation has 12 subsidiaries which have engaged in direct principal lending and investment management. /7/ This company has 10 subsidiaries holding or having a direct or indirect interest in specific investments on its behalf. /8/ This corporation has more than 45 direct or indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships. /9/ This corporation is the general partner of Merrill Lynch Asset Management, L.P. (whose limited partner is ML & Co.). 2
STATE OR JURIS- NAME DICTION OF ENTITY - ---- ----------------- MERRILL LYNCH & CO., INC. MERRILL LYNCH INTERNATIONAL INCORPORATED Merrill Lynch Bank (Austria) Aktiengesellschaft A.G....... Austria Merrill Lynch Bank and Trust Company (Cayman) Limited..... Cayman Islands, British West Indies Merrill Lynch International & Co./10/................... Netherlands Antilles Merrill Lynch Capital Markets A.G......................... Switzerland Merrill Lynch Europe Limited.............................. England Merrill Lynch International Limited..................... England Merrill Lynch Capital Markets PLC....................... England Merrill Lynch, Pierce, Fenner & Smith (Brokers & Dealers) Limited.......................... England Merrill Lynch Europe Ltd.................................. Cayman Islands, British West Indies Merrill Lynch Holding GmbH/11/............................ Fed. Rep. of Germany Merrill Lynch Bank A.G.................................. Fed. Rep. of Germany Merrill Lynch GmbH...................................... Fed. Rep. of Germany Merrill Lynch Holding S.A.F............................... France Merrill Lynch Capital Markets (France) S.A.............. France Merrill Lynch Hong Kong Securities Limited................ Hong Kong Merrill Lynch Japan Incorporated............................ Delaware Merrill Lynch Specialists Inc.................................. Delaware
- ---------- /10/ A partnership among subsidiaries of ML & Co. /11/ ML & Co. holds a 50% interest in this corporation, with the remaining 50% interest held by an outside party. 3