Latest news with #MerrillLynch
Mint
28-05-2025
- Business
- Mint
Raj Bhatia: Don't shy away from hiring your own child
Advisors who are thinking about succession planning should consider hiring their children, particularly if their offspring is genuinely interested, has ample work experience, and can bring expertise to the firm, says Raj Bhatia who has been with Merrill Lynch since 1981. Today, the private wealth advisor at the $2.5 billion Bhatia Group, which is part of Merrill Private Wealth Management, works alongside his daughter, Ariana. 'My daughter grew up in a household where the dinner conversations were all around things like clients and markets and so forth," Bhatia says on the latest The Way Forward podcast. 'And fortunately for me, she decided to go into business and finance with her education and career as opposed to following her mother's footsteps in becoming a doctor." After a few years working in private equity, Ariana concluded that it wasn't an ideal fit. 'She said to me, 'I've done that and I recognize that you go from one transaction to the other [in private equity], but Dad, I have seen you build relationships where your first client is still your client. That's what I want to do with the rest of my career.' So, the time was right and the firm helped me to bring her over. That's how she joined me last year and I'm glad that I got her in." Below are highlights from our conversation, which have been edited for clarity. His advice for advisors considering hiring a family member. 'When I get calls from other advisors in a similar situation, the thing I say to them is that there is a big difference between retirement planning and succession planning. In retirement planning, you're planning for one person. In succession planning, you're planning for many people and start the process 10 years ahead of time if you wish to leave a legacy." Minimize regrets. 'Most people optimize income and returns. I say minimize regrets. When I said this to her [Ariana], it was obvious that [this was better] than her coming back in 10 years saying, 'Dad, why didn't you ask me to join your business? If your adult son or daughter says, 'Dad, Mom, thanks but no thanks,' then you have read them their Miranda rights! It's up to them. Then they can't say 'I have a regret because you did not encourage me.' It can work out. When it works out, it works out very well." The pros far outweigh the cons. 'The upside in these moves can be huge. And the downside, I think, is limited in the sense that it's nothing irreversible should things not work out. The thing that I would suggest to people is to give it a fair amount of runway. In other words, I'd say a minimum of three to five years of runway where you're spending the time to mentor. That will produce better outcomes and results." Navigating the personal and the professional. 'Treat them as equals. Because if they're joining your business and you're still treating them based on how you see them as your offspring—as they say, 'they're born of us, but they're not us'—you have to acknowledge that and be ready to have a mechanism, a structure in place where the best argument wins or the best suggestion wins, as opposed to, 'Mom said this, Dad said this, and this is my way.'"
Yahoo
23-05-2025
- Business
- Yahoo
US Capital Global Expands West Coast Operations with Erick G. Schenkhuizen Appointed Vice President in Newport Beach
Erick G. Schenkhuizen joins US Capital Global to strengthen its presence in Southern California and lead the group's strategic regional growth. Erick G. Schenkhuizen, Vice President San Francisco, California, USA, May 23, 2025 (GLOBE NEWSWIRE) -- US Capital Global is pleased to announce the appointment of Erick G. Schenkhuizen as Vice President at its Newport Beach office, marking a significant step in the group's continued expansion across the West Coast. In his new role, Mr. Schenkhuizen will lead the delivery of customized debt and equity financing for middle-market businesses, as well as customized wealth management and investment solutions for high-net-worth individuals, affluent families, and independent RIAs in the U.S. and globally. US Capital Global is a premier private financial group, headquartered in San Francisco, with offices in key global financial centers including New York, Miami, London, and Dubai. The group offers a comprehensive suite of investment banking, asset management, and corporate finance services, customized specifically for the middle market. A seasoned financial advisor with over three decades of experience, Mr. Schenkhuizen's career spans leadership roles at Merrill Lynch, LPL Financial, and the independent RIA space. His expertise includes alternative investments and tax-advantaged strategies such as private equity, venture capital, Qualified Opportunity Zones, and Section 1202 investments. Known for his consultative and client-centric approach, Mr. Schenkhuizen offers personalized strategies to help clients navigate complex financial challenges with clarity and confidence. 'US Capital Global is undergoing impressive growth both nationally and internationally, while expanding into new verticals,' said Mr. Schenkhuizen. 'I'm excited to support the group's Newport Beach office and contribute to its continued success by delivering innovative, customized financial solutions to our clients, both across the West Coast and globally.' 'We're delighted to welcome Erick as Vice President in Newport Beach,' said Jeffrey Sweeney, Chairman and CEO at US Capital Global. 'His depth of experience in wealth management and private market finance positions him to play a key role in our strategic growth across Southern California and beyond.' About US Capital Global Founded in 1998, US Capital Global offers a range of advanced financial solutions, including debt, equity, and investment products customized for middle-market enterprises and investors. The firm oversees direct investment funds while delivering comprehensive wealth management and investment banking services, encompassing M&A strategies and capital raising expertise. Among the notable entities within the consortium are US Capital Global Investment Management LLC, US Capital Global Wealth Management LLC, and US Capital Global Securities LLC, an SEC-registered broker-dealer and member of FINRA. To learn more, visit To learn more about US Capital Global, email Jeffrey Sweeney, Chairman and CEO, at jsweeney@ Erick G. Schenkhuizen, Vice President CONTACT: Vanessa Guajardo US Capital Global +1 415 889 1010 media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
14-05-2025
- Business
- Irish Times
It's Déjà vu as Goldman Sachs eyes deposits in Ireland
Days after the collapse of Lehman Brothers and emergency sale of Merrill Lynch to Bank of America in September 2008, Wall Street's last two independent investment banks, Goldman Sachs and Morgan Stanley, made a shocking move. The pair, which had been mainly reliant on bond markets for funding, converted themselves into bank holding companies regulated by the US Federal Reserve so they could raise deposits and have access to emergency central bank funding, if needed. But Goldman Sachs already had gained access to another central bank, the European Central Bank (ECB), the previous October when it set up a banking subsidiary in Dublin, called Goldman Sachs Bank (Europe) plc. Its deposits would peak at almost $8 billion, mainly corporate savings, in 2009. Goldman would hand back the Irish banking licence in early 2013. For various reasons. The need for an Irish deposit base had eased. By then, the unit had sold a key business, a hedge fund servicing business. And a €160,000 Central Bank fine in 2011 for an administrative breach, which it had self-reported to the regulator, had left a sour taste. READ MORE Twelve years later, Goldman appears to be back. This time it has designs on Irish household savings, through its Marcus online banking business. Bloomberg reported on Tuesday that Marcus has held preliminary talks with regulators in recent months on a potential widening of the brand, which is present in the US and UK, into the Republic. Germany has also been mentioned as the potential next market for the brand. [ Goldman boss isn't too big a jerk to bank an $80m bonus Opens in new window ] If Marcus does launch in Ireland, it won't be your go-to for a holiday loan or a mortgage. While Marcus – named after the group's German-American founder – was set up in 2016 as provider of deposit products and personal loans, it has since abandoned its consumer loans ambitions to focus on deposits. These are used to diversify the funding for the wider Goldman group's trading and lending businesses, which were traditionally supported by money raised in the capital markets. On the face of it, Ireland's retail deposits market appears to be a honey pot waiting to be tapped. Irish households have about €162 billion of cash sitting in banks – 87 per cent of which is earning little or nothing in on-demand and current accounts. This hasn't gone unnoticed. Digital banks Revolut, N26 and Bunq and savings platforms Raisin and Trade Republic have all chased Irish deposits in recent years. Avant Money, which recently became a branch of its Spanish banking parent Bankinter, plans to launch deposit products in the coming months. Still, just 2 per cent of Irish household deposits are held outside the three Irish domestic banks, notes Goodbody Stockbrokers analyst Denis McGoldrick. Inertia is so engrained here that even local banks have been surprised by how few have bothered to move money from accounts earning nothing to higher-rate products. What makes Goldman think it will have better luck?
Associated Press
08-05-2025
- Business
- Associated Press
Bank of America Corp Digital Transformation Strategy 2025: Accelerators, Incubators, and Innovation Programs
DUBLIN--(BUSINESS WIRE)--May 8, 2025-- The 'Enterprise Tech Ecosystem Series - Bank of America Corp 2025" company profile has been added to offering. The report provides insights into Bank of America Corp's tech activities, including its digital transformation strategies, its innovation programs, and its technology initiatives. Bank of America Corporation (BofA) offers a wide range of financial products and services to retail customers, companies, and institutions through its eight lines of business. BofA serves retail customers through its Retail, Preferred, Merrill Lynch Wealth Management, and Bank of America Private Bank lines of business; companies through its Business Banking, Global Commercial Banking, and Global Corporate & Investment Banking lines of business; and institutions through its Global Markets line of business. Retail and Preferred are clubbed together under the Consumer Banking business segment. Merrill and Private Bank are clubbed together under the Global Wealth & Investment Management business segment. Business Banking, Commercial Banking, and Global Corporate & Investment Banking are clubbed together under the Global Banking business segment. The bank offers checking and savings accounts, automobile loans, wealth management services, and credit cards, among other products and services, to retail customers and small businesses. Its offerings to companies and institutions include cash management solutions, working capital solutions, merchant services, risk management services, employee benefits services, and investment banking services. The report provides information and insights into Bank of America's tech activities, including: Reasons to Buy Key Topics Covered: Company Coverage Includes: For more information about this company profile visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: INDUSTRY KEYWORD: TECHNOLOGY BANKING PROFESSIONAL SERVICES OTHER TECHNOLOGY SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 05/08/2025 07:40 AM/DISC: 05/08/2025 07:39 AM
Times
08-05-2025
- Business
- Times
FD Technologies shares jump 23% after American bid
A database analytics company is set to become the latest technology business listed in London to fall prey to a US bidder after it received a £542 million takeover offer. FD Technologies has received a cash bid of £24.50 per share from TA Associates, a private equity firm based in Boston, prompting its shares to riseby 442p or 22.9 per cent to close at £23.70. The board of FD Technologies said it wasminded to recommend that shareholders accept the offer if TA Associates makes a formal bid. The company is a software specialist based in Newry, Northern Ireland, and is listed on the junior segment of the London Stock Exchange. It employs about 3,000 people, and its clients include Merrill Lynch, Citigroup and Goldman Sachs.
