Merrill Wealth Management and Bank of America Private Bank Unveil New Program for Ultra-Wealthy Clients
Merrill Wealth Management and Bank of America Private Bank are making waves for their high-net-worth clients. Recently, they announced the launch of the ALTS Extended Access Program, aimed specifically at ultra-high net worth clients, defined as those with a net worth of at least $50 million. This initiative will provide access to exclusive private market funding that was previously limited to institutional investors.
Set to debut in the fall of 2025, the program will allow clients to explore new niches and strategies. While advisers will assist in navigating fund materials, clients will ultimately make the final investment choices.
This move is largely in response to a growing interest in alternative investments, particularly among younger, affluent investors. A recent survey by Bank of America noted that alternatives make up 17% of current allocations, with more than 90% of high-end investors expressing a desire to increase their exposure to these kinds of investments.
“Historically, private market alternatives have been reserved for institutional investors. As the needs of wealth accumulation evolve, more clients are seeking non-traditional investment options, driven by market changes and the urge to diversify,” remarked Mark Sutterlin, the director of alternative investments at Merrill.
The initiative builds on prior services offered to ultra-wealthy clients, including a premium access strategy that has amassed over $60 billion in assets in just three years.
In July, Bank of America released its second-quarter results, which aligned with Wall Street expectations, reporting earnings per share of 89 cents. Analysts pointed out solid fee revenues and consistent operational efficiency, despite a slight dip in net interest income.
Goldman Sachs noted that the quarter was “better than feared,” maintaining a buy rating with a price target of $56, underlining their confidence in the bank’s profitability for the second half of 2025.
As for stock performance, shares of BAC are currently trading at $50.72, reflecting a modest increase of 0.20% as of Friday’s last check.
