Core Insights - Merrill Lynch has launched a new credit unit aimed at providing custom lending and loan management services to high- and ultra-high net worth clients, with loan originations exceeding $10 billion in under two years [1][4] - The new lending options allow clients to borrow against various assets, including businesses, real estate, collectibles, and luxury items, enabling them to maintain their long-term investment strategies [3][4] - The wealth management landscape is evolving, with an increase in the number of individuals worth seven figures in the U.S., projected to grow from 23.8 million in 2024 to approximately 25.5 million by 2028 [4] Company Developments - Bank of America managing director Kurt Niemeyer will lead the new lending unit, emphasizing the importance of diversifying wealth and capitalizing on trends across different asset classes [2][4] - Merrill Lynch's lending unit follows the launch of an alternatives program, aimed at keeping high- and ultra-high net worth clients engaged with the firm [4] Industry Trends - Goldman Sachs plans to double its lending to ultra-wealthy clients with account sizes exceeding $10 million over the next five years [6] - JPMorgan has announced an increase in its direct lending commitment to clients, targeting $50 billion earlier this year [6]