Modern Practices
Known as “accepting and issuing houses” in the U.K. and “investment banks” in the U.S., modern merchant banks offer a wide range of activities, including issue management, portfolio management, credit syndication, acceptance credit, counsel on mergers and acquisitions, insurance, etc.
Of these two classes of merchant banks, the U.S. variant initiates loans and then sells them to investors. Even though some of these companies call themselves "merchant banks," they have few, if any, of the characteristics of former merchant banks.
Read more about this topic: Merchant Banking Private Equity Groups
Famous quotes containing the words modern and/or practices:
“... in the fierce competition of modern society the only class left in the country possessing leisure is that of women supported in easy circumstances by husband or father, and it is to this class we must look for the maintenance of cultivated and refined tastes, for that value and pursuit of knowledge and of art for their own sakes which can alone save society from degenerating into a huge machine for making money, and gratifying the love of sensual luxury.”
—Mrs. H. O. Ward (1824–1899)
“Money made through dishonest practices will not last long.”
—Chinese proverb.