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Bank Of America Private Bank, Merrill WM Launch New Investment Program

Tom Burroughes

5 September 2025

Merrill Wealth Management and Bank of America Private Bank have launched a private market program geared for UHNW clients with a net worth of $50 million or more.

Called the Alts Expanded Access Program, it runs alongside options available through Merrill’s and Bank of America Private Bank’s core alternative investments platform, offering qualified investors avenues for building an expanded allocation to alternatives as part of a diversified portfolio, the businesses, part of Bank of America, said in a statement yesterday. 

“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,” Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank said.

The program includes selective access – the funds are not broadly distributed and provide access to specialized opportunities in emerging themes, niche strategies and evolving sectors. Clients' advisors or members of the team help them understand the process, providing them with access to fund manager materials, and education, and clients conduct due diligence, make investment decisions, and invest directly with fund managers.

BoA cited its 2024 Bank of America Private Bank Study of Wealthy Americans showing that there is a rising interest in alternatives, particularly among young HNW investors. For instance, alternatives comprise 17 per cent of their portfolio allocations, and 93 per cent of them plan to increase their allocation to alternatives in the coming years.  

The firms said the latest offering builds on the 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 less than three years, BoA said.