The deal gives Merrill a new roster of rich clients: First Republic is a private bank whose average client has liquid assets of $8 million.Most of First Republic's clients are “venture-capital chiefs, hedge-fund managers, real-estate magnates, entertainers and entrepreneurs.”
The deal also gives Merrill access to First Republic’s lending products. First Republic specializes in loans for big mansions, jets and yachts. If a wealthy Merrill client wants a mortgage for a new $10 million home in Palm Beach, or a $40 million Gulfstream, the client can now tap First Republic’s balance sheet.
The Wealth Report notes that the deal follows last year's acquisition of U.S. Trust by Bank of America.
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Here is the recent Merryl's World Wealth Report
with Capgemini that analyzes the macroeconomic factors that drive and inhibit HNW clients
http://www.artbank.ch/art.html
Also, find Wealth Unused
Oliver Wyman report on HNW clients and the Future of Private Banking
http://www.artbank.ch/art.html
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