Rich Clients Want Lending. Merrill Lynch Is Ready for Them
What do the world’s wealthiest clients need most? Well, a loan, of course. Merrill Lynch announced it was launching a new credit unit last week that will offer custom lending and loan management to high- and ultra-high net worth clients and their advisors. The firm’s lending platform has surpassed $10 billion in loan originations in under two years, and the private bank sees opportunity ahead with providing credit to the uber wealthy. “It also allows them to further diversify their wealth and take advant ...