Merrill Lynch

Merrill Lynch, a venerable name in American finance, operates primarily as the wealth management and investment banking division of Bank of America, following its acquisition in 2008. Historically, Merrill Lynch was an independent investment bank and brokerage firm, renowned for its "Thundering Herd" of brokers. Today, its core services encompass comprehensive wealth management for high-net-worth individuals and institutions, alongside robust investment banking activities such as mergers and acquisitions advisory, capital markets, and securities trading and sales. The firm plays a significant role in facilitating large-scale financial transactions and managing substantial client assets.

Unlike traditional venture capital firms that specialize in direct equity investments into early-stage startups, Merrill Lynch's operational focus is distinct. Its investment banking arm advises established companies on complex financial strategies, including public offerings and private placements, rather than providing initial seed or Series A funding. While they may assist companies in raising capital, this typically involves later-stage funding rounds or public market access, not the "first cheque" characteristic of early-stage venture capital. Their involvement is more akin to an intermediary or advisor in larger corporate finance deals.

Consequently, defining typical "first cheque sizes" for Merrill Lynch in the context of venture capital is not applicable to its primary business model. The firm's Global Wealth and Investment Management division, which includes Merrill, manages substantial client balances, reaching approximately $3.7 trillion as of the fourth quarter of 2023. Furthermore, Merrill Lynch boasts a vast network of over 19,000 financial advisors, underscoring its scale in wealth management rather than direct venture capital deployment. Their strategic role lies in capital markets and wealth preservation/growth for mature entities and affluent clients, not in early-stage startup funding.