NEW YORK - Merrill Lynch & Co. has promoted Steven Narker to director of research for U.S.-based private clients and David A. Wilson to director of U.S. private-client investment policy.

Mr. Narker, who was Merrill's senior director of global equity marketing, will manage the research efforts for equities, fixed income, and mutual funds and help develop and market new research products for the firm's financial consultants. He will report to Andrew Melnick, director of global securities research and economics, and Joseph Moglia, head of U.S. private client investment performance and products.

Mr. Narker joined the firm 33 years ago as an attorney and had managed several of its units, including global compensation and benefits, defined asset funds, partnerships, equity syndicate, and municipal bond marketing.

Mr. Wilson, who rejoined the firm last year as a director of equity sales, will work with its research department to provide U.S. private clients with stock recommendations.

He will report to David Bowers, the firm's chief global investment strategist, and work with Christine Callies, the firm's chief U.S. investment strategist, and Cheryl Rowan, senior investment strategist responsible for private client portfolio construction.

Mr. Wilson began his career at Merrill in 1973 as a junior bank analyst. After leaving the firm two years later he was a senior analyst at Keefe, Bruyette & Woods Inc., advised high-net-worth individuals at J.P. Morgan & Co., and held senior institutional sales positions at Paine Webber Group Inc. and Lehman Brothers.

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