Merrill Wealth Management and Bank of America Private Bank have launched a new private market investment program for ultra-high-net-worth clients.
Alts Expanded Access allows clients with a net worth of $50 million or more to invest directly as LPs in funds focusing on private equity, private credit, venture capital and real assets.
Merrill, a division of Bank of America, and Bank of America Private Bank already provide alternative investment options to qualified investors through their core Alternative Investments platform. Alts Expanded Access will complement those options.
The new platform will be available through Merrill and Bank of America’s open architecture investment strategy group. According to Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, the group partners with best-in-class alternative asset managers, and clients can invest directly with those managers. Minimum investment amounts will vary depending on the fund. The firm’s investment solutions group and chief investment office will guide advisors on how to build diversified alternative investment portfolios for clients.
“Alts Expanded Access will offer access to private funds in a range of asset classes within alternatives and emerging themes, ranging from private equity and credit to real assets, venture with access to sectors including technology, healthcare, sports and more,” Sutterlin wrote in an email. “This program, which will provide access through funds, is supplemental to our private market opportunities program, which provides investors access to direct co-invest into private companies.”
The move is the latest effort by the company to serve the HNW market. In January, Bank of America created a group of specialists that cater to ultra-wealthy investors within its Merrill Wealth Management unit. The firm felt that it needed to offer customization and personalization to the rapidly growing cohort of potential clients with $10 million or more in net worth, including by helping them navigate investment management.
In the second quarter of 2025, Merril’s net new relationships with investors with at least $10 million in net worth rose 13% year-over-year. According to Merrill Wealth Management co-head Lindsay Hans, this was the result of “wealth creation and transition” spreading across the board in the United States.
As financial advisors incorporate more alternative options into their clients’ portfolios, it’s becoming a must-have for intermediaries to offer access to them. In recent months, Wells Fargo, Fidelity, Goldman Sachs and others have added private market investment options for their advisors, including through UMAs.
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