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:
“Insurance. An ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.”
—Ambrose Bierce (1842–1914)
“To learn a vocation, you also have to learn the frauds it practices and the promises it breaks.”
—Mason Cooley (b. 1927)