Merrill Wealth Management and Bank of America Private Bank have announced the introduction of the Alts Expanded Access Program, a new private market investment initiative for ultra-high-net-worth clients with at least $50 million in net worth. The program is scheduled to become available in fall 2025.
The Alts Expanded Access Program aims to broaden the range of alternative investment options for eligible clients as part of their diversified portfolios. 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 building needs have evolved, we’re seeing more clients seek non-traditional investments, fueled by market changes and the desire to diversify.”
Key features of the program include selective access to funds focused on emerging themes and niche strategies, support from advisors who provide fund manager materials and guidance through the process, and a client-directed approach where investors conduct due diligence and invest directly with fund managers.
Recent findings from the 2024 Bank of America Private Bank Study of Wealthy Americans show that alternatives currently make up 17% of portfolio allocations among high-net-worth individuals. Additionally, 93% plan to increase their allocation to alternatives in coming years.
“This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals,” Sutterlin added.
The launch follows other recent offerings aimed at ultra-high-net-worth investors, such as Premium Access Strategies—a dual-contract investment advisory program that has reached over $60 billion in client assets within three years.
Bank of America serves approximately 69 million consumer and small business clients across its network in the United States and operates globally in more than 35 countries. The company offers a wide range of banking, investing, asset management, corporate finance services and supports about 4 million small business households. Its stock is listed on the New York Stock Exchange under BAC.