Merrill Lynch

The following entry is the one originally submitted by the contributors. The previous version of this entry that appeared in the original printing of the encyclopedia was not the one submitted by the contributors and was mistakenly used by the Publisher. The entry was written by Drs. Efthimios Poulis and Konstantinos Poulis, and the Publisher apologizes for submitting the wrong version of this entry for publication.

Merrill Lynch is one of the world's leading wealth management, capital markets, and advisory companies, with offices in 40 countries across the world. It was founded in 1914, it employs approximately 60,000 individuals, and its total client assets are approximately $1.6 trillion (as of quarter-end, Quarter 2, 2008). It has positioned itself as the preeminent global investment bank, wealth management, and advisory company, which aims to be an essential partner to its clients. The company offers capital markets services, investment banking and advisory services, wealth management, investment management, insurance, banking, and related products and services on a global basis.

Merrill Lynch has organized its activities into two interrelated business segments: Global Wealth Management and Global Markets and Investment Banking. Global Wealth Management offers proprietary and third-party wealth management products and services globally to individuals, small- and mid-size businesses, and employee benefit plans. It comprises two business divisions: Global Private Client and Global Investment Management.

The Global Private Client group provides advice-based wealth management services and products to individual clients and businesses. The group's business model is based on its network of more than 15,930 financial advisers in approximately 680 offices around the world and the one-to-one relationships they develop with their clients. Every aspect of a client's financial life is considered, enabling financial advisers to become essential partners to their clients and to provide customized financial planning and wealth management advice, products, and services. It provides support for financial advisers through [Page 1113]five core functional areas: global banking, marketing, investment and wealth management, retirement, and direct services. “Total Merrill” captures in a single phrase what its financial advisers do every day—integrate guidance with a range of products and services to provide clients with a lifetime of solutions based on their total financial picture. Moreover, the Private Banking and Investment Group at Merrill Lynch is dedicated to helping its clients achieve uncommon goals. First Republic Bank, a division of Merrill Lynch Bank & Trust Co., in the Global Bank Group focuses on extraordinary, personalized services. Services include private banking, private business banking, real estate lending, wealth management, and trust services delivered through a team of highly experienced financial professionals. Finally, an International group is dedicated to serving the needs of investors outside the United States. The products and services include advice and market intelligence, professional money management, investments, wealth protection, cross-border solutions, banking, and cash management and tracking progress.

On the other hand, the Global Investment Management group focuses on businesses that create and manage wealth management products for individual investors and small businesses, including:

• A business that creates and manages hedge fund and other alternative investment products. Unlike traditional investments such as mutual funds, whose performance is largely dependent on the direction of the broader market, many alternative investment strategies seek positive returns in any market or economic environment.
• Merrill Lynch's ownership positions in investment management companies, including Black-Rock. The latter manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management, and alternative investment products.

Finally, Multicultural Marketing is a division of the Global Wealth Management group's Strategic Marketing and Brand Management. It works to build brand relevance and assists financial advisers in the development and expansion of new business from high-net-worth investors and businesses.

...