11.   Broderick was a managing director of American Capital Partners Ltd. of New York, a merchant banking and financial consulting firm.

12.   BZW, New York, the investment banking unit of Barclays Bank PLC, named Burton J. Megargel co-head of merchant banking.

13.   Chalsty said merchant banking is a top priority.

14.   He will assume many of the duties of Donald Brennan, the founder and longtime head of merchant banking at the firm.

15.   Hennessy will continue to work as head of merchant banking.

16.   Merchant banking is important for another reason.

17.   --Permit bank holding companies to engage in new financial activities, such as securities, insurance and merchant banking.

18.   Securities firms make money in merchant banking by using their own capital to buy stakes in companies and sell them later for a profit.

19.   Several big financial firms have been busy lately raising funds for merchant banking, as such large direct private equity investments are known.

20.   Still, merchant banking can be far riskier than other traditional Wall Street businesses.