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Merrill and Bank of America Private Bank launch new alternative investments program to Ultra-High-Net-Worth Clients, to build an expanded allocation to alternatives as part of a diversified portfolio

September 4, 2025 //  by Finnovate

Merrill Wealth Management and Bank of America Private Bank today announced 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 $50 million or more. Available in fall 2025, the program is designed to complement the investment options available through Merrill’s and Bank of America Private Bank’s core Alternative Investments platform, offering qualified investors avenues 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 Private Bank. Key Features of the Alts Expanded Access Program: 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. “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 offering builds on the successful launch of other UHNW capabilities, such as Premium Access Strategies, a dual-contract investment advisory program that has grown to over $60 billion in client assets in under three years.

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