Merill Lynch’s full name is Merrill Lynch Wealth Management. Their success is so incredible and so widespread that you’ve almost certainly heard the name even if you didn’t quite know what it was talking about. Merrill Lynch finds the best people in the world of investment banking to entrust with their clients’ investment funds.
Read on to learn all about Merill Lynch and its investment bankers!
What Is Merrill Lynch?
Merill Lynch is a division of the Bank of America. It is located in New York City in the United States and dedicates itself to wealth management and investing.
Who Is Merrill Lynch?
As it turns out, Merill Lynch is not actually a person. In fact, the name Merill Lynch refers to two people. Merill Lynch was first founded by Charles Merill. Later on, a friend of his, Edmund Lynch, joined the company.
It was at that point that they changed the business name to include both of their last names, making it Merill, Lynch. Eventually, the comma was dropped.
What Does Merrill Lynch Do?
As the wealth management arm of Bank of America, Merill Lynch is in charge of providing a slew of financial products and services to their clients. Merill Lynch employs extraordinarily capable and insightful business people to figure out how to best invest the money that people store in the Bank of America.
Their wealth management advisors have to know all about legal planning, taxes, and the market landscape in order to ensure that their clients’ money is well invested.
Who Owns Merrill Lynch?
Merill Lynch is actually just a part of the Bank of America. That means that Bank of America, as an entity, owns Merill Lynch. But who owns the Bank of America?
The Bank of America is collectively owned by its shareholders. Anyone can buy some tiny fraction of the Bank of America’s stock and become an owner in equal proportion to that fraction.
As a result, there’s really no one person who can be said to own the Bank of America. At the same time, Berkshire Hathaway is the largest stockholder of Bank of America.
Berkshire Hathaway owns 10% of the Bank of America, making it the closest thing to an owner of the Bank of America, and by extension, Merill Lynch.
What Happened to Prabir Purohit?
Prabir Purohit was an investment banker at Merill Lynch until 2016. As part of his work at Merill Lynch, Prabir Purohit worked as a Director of Investment Banking at the Bank of America.
He started his career in the business world in 2008 after graduating with a finance MBA from Emory University’s Goizueta Business School. Later in 2016, he became the Vice President of Finance at Dominion Energy.
The Fascinating World of Investment Banking
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