. ▁ ▁Fir ms ▁are ▁responsible ▁for ▁comp liance ▁with ▁local ▁and ▁foreign ▁government ▁reg ulations ▁and ▁internal ▁reg ulations . ▁ ▁Other ▁business es ▁Global ▁transaction ▁bank ing ▁is ▁the ▁division ▁which ▁provides ▁c ash ▁management , ▁cust ody ▁services , ▁l ending , ▁and ▁se cur ities ▁bro ker age ▁services ▁to ▁institutions . ▁Prime ▁bro ker age ▁with ▁h edge ▁funds ▁has ▁been ▁an ▁especially ▁prof itable ▁business , ▁as ▁well ▁as ▁ris ky , ▁as ▁seen ▁in ▁the ▁bank ▁run ▁with ▁Bear ▁Ste ar ns ▁in ▁ 2 0 0 8 . ▁In vest ment ▁management ▁is ▁the ▁professional ▁management ▁of ▁various ▁se cur ities ▁( stock s , ▁b onds , ▁etc .) ▁and ▁other ▁assets ▁( e . g ., ▁real ▁estate ), ▁to ▁meet ▁specified ▁invest ment ▁goals ▁for ▁the ▁benefit ▁of ▁invest ors . ▁In vest ors ▁may ▁be ▁institutions ▁( ins urance ▁companies , ▁p ension ▁funds , ▁corpor ations ▁etc .) ▁or ▁private ▁invest ors ▁( both ▁directly ▁via ▁invest ment ▁contract s ▁and ▁more ▁commonly ▁via ▁invest ment ▁funds ▁e . g ., ▁mut ual ▁funds ). ▁The ▁invest ment ▁management ▁division ▁of ▁an ▁invest ment ▁bank ▁is ▁generally ▁divided ▁into ▁separate ▁groups , ▁often ▁known ▁as ▁private ▁wealth ▁management ▁and ▁private ▁client ▁services . ▁Mer chant ▁bank ing ▁can ▁be ▁called ▁" very ▁personal ▁bank ing "; ▁merchant ▁banks ▁offer ▁capital ▁in ▁exchange ▁for ▁share ▁ownership ▁rather ▁than ▁lo ans , ▁and ▁offer ▁advice ▁on ▁management ▁and ▁strategy . ▁Mer chant