Merrill Wealth Management in partnership with Bank of America Private Bank introduced the launch of the Alts Expanded Access Program, a new private market program available to ultra-high-net-worth (UHNW) clients with a net worth of USD 50 million or more.
Beginning in fall 2025, the program is planned in such a way that investment options are available through Merrill's and Bank of America Private Bank's core Alternative Investments platform, providing qualified investors avenues to build an expanded allocation to alternatives as part of a diversified portfolio.
The Alts Expanded Access Program will provide the following benefits:
- Selective access: These funds are not broadly distributed and provide access to specialized opportunities in emerging themes, niche strategies, and evolving sectors.
- Supported recommendation: Clients' advisor or team helps them understand the process and provides them with access to fund manager materials.
- Client-directed: Clients conduct due diligence, make investment decisions, and invest directly with fund managers.
Insights from the 2024 Bank of America Private Bank Study of Wealthy Americans underscore the growing interest in alternatives, particularly among young HNW investors:
- Alternatives comprise 17% of their current portfolio allocations.
- 93% plan to increase their allocate to alternatives in the coming years.
The new offering builds on the successful launch of other UHNW capabilities, such as Premium Access Strategies 2, a dual-contract investment advisory program that has grown to over USD 60 billion in client assets 3 in under three years.
Executive Statement
According to Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, traditionally, private market alternatives were the domain of institutional investors, but as wealth management building needs have evolved, they are seeing more clients seek non-traditional investments, fueled by market changes and the desire to diversify
