▁is ▁class ed ▁as ▁either ▁" s ell ▁side " ▁or ▁" bu y ▁side ". ▁The ▁" s ell ▁side " ▁involves ▁trad ing ▁se cur ities ▁for ▁c ash ▁or ▁for ▁other ▁se cur ities ▁( e . g . ▁facil it ating ▁transactions , ▁market - making ), ▁or ▁the ▁promotion ▁of ▁se cur ities ▁( e . g . ▁under writing , ▁research , ▁etc .). ▁The ▁" bu y ▁side " ▁involves ▁the ▁provision ▁of ▁advice ▁to ▁institutions ▁that ▁buy ▁invest ment ▁services . ▁Private ▁equ ity ▁funds , ▁mut ual ▁funds , ▁life ▁ins urance ▁companies , ▁unit ▁trust s , ▁and ▁h edge ▁funds ▁are ▁the ▁most ▁common ▁types ▁of ▁buy - side ▁entities . ▁ ▁An ▁invest ment ▁bank ▁can ▁also ▁be ▁split ▁into ▁private ▁and ▁public ▁functions ▁with ▁a ▁screen ▁separ ating ▁the ▁two ▁to ▁prevent ▁information ▁from ▁crossing . ▁The ▁private ▁areas ▁of ▁the ▁bank ▁deal ▁with ▁private ▁ins ider ▁information ▁that ▁may ▁not ▁be ▁public ly ▁dis closed , ▁while ▁the ▁public ▁areas , ▁such ▁as ▁stock ▁analysis , ▁deal ▁with ▁public ▁information . ▁An ▁ad visor ▁who ▁provides ▁invest ment ▁bank ing ▁services ▁in ▁the ▁United ▁States ▁must ▁be ▁a ▁lic ensed ▁bro ker - de aler ▁and ▁subject ▁to ▁U . S . ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁( SE C ) ▁and ▁Fin an cial ▁Indust ry ▁Reg ul atory ▁Author ity ▁( F IN RA ) ▁reg ulation . ▁ ▁History ▁ ▁Early ▁history ▁ ▁The ▁Dutch