Bank of America (NYSE:BAC) Private Bank and Merrill Wealth Management, another BofA division, introduced a private market program called Alts Expanded Access for ultra-high-net-worth (“UHNW”) clients with a net worth of $50M or more, the bank said on Thursday.
Key features of the Alts Expanded Access Program include:
- Funds that are not broadly distributed and provide access to specialized opportunities in emerging themes, niche strategies and evolving sectors;
- Client advisor or teams that help clients understand the process and provide access to fund manager materials; and
- The ability for clients to conduct due diligence, make investment decisions, and invest directly with fund managers.
The program, to be available in fall 2025, is meant to complement the investment options available through Merrill’s and Bank of America Private Bank’s core Alternative Investments platform, which offers qualified investors ways to build an expanded allocation to alternatives as part of a diversified portfolio.
“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 (NYSE:BAC) Private Bank.