Merrill Wealth Management and Bank of America Private Bank have announced the introduction of the Alts Expanded Access Program, a private market program aimed at ultra-high-net-worth clients with a net worth of $50 million or more. The program will be available in fall 2025.
The Alts Expanded Access Program is designed to add to the investment options currently offered through Merrill’s and Bank of America Private Bank’s core Alternative Investments platform. It allows qualified investors to build broader allocations to alternative investments as part of their portfolios.
“Traditionally, private market alternatives were the domain of institutional investors, but as wealth building needs have evolved, we’re seeing more clients seek non-traditional investments, fueled by market changes and the desire to diversify,” said Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank.
Key features include selective access to funds that are not widely distributed, giving clients opportunities in emerging themes and niche strategies. Clients receive support from advisors who provide information about fund managers but make investment decisions directly after conducting their own due diligence.
Findings from the 2024 Bank of America Private Bank Study of Wealthy Americans show increased interest in alternative investments among younger high-net-worth individuals. Alternatives now make up 17% of current portfolio allocations for these investors, with 93% planning to increase their allocation in coming years.
“This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals,” added Sutterlin.
The new initiative follows other offerings for ultra-high-net-worth clients such as Premium Access Strategies, a dual-contract advisory program that has grown to over $60 billion in client assets in under three years.
Bank of America provides financial services including banking, investing, asset management, and risk management products across individual consumers and businesses. The company serves about 69 million consumer and small business clients through nearly 3,700 retail centers and offers digital banking services used by around 58 million verified users. Its operations span across the United States and more than 35 countries worldwide. The company's stock trades on the New York Stock Exchange under BAC.
For further information reporters may contact Julia Ehrenfeld at Bank of America by phone at 1.646.855.3267 or via email at Julia.Ehrenfeld@bofa.com.