Bank of America Merrill Lynch Revamps Alternative Investment Platform for Ultra-High-Net-Worth Clients

Bank of America Merrill Lynch is expanding its alternative investment platform to focus on ultra-high-net-worth clients, with a new program offering closed-end type funds with lower investment minimums and simplified reporting. The number of clients using the bank's alternative investment platform has more than doubled in the past five years, according to the company. Overall, alternative investment sales are expected to reach $200 billion this year.

Bank of America Merrill Lynch (BofA Merrill) is enhancing its alternative investment platform to cater to ultra-high-net-worth (UHNW) clients, with a new program offering closed-end type funds featuring lower investment minimums and simplified reporting. This move comes as the number of clients using BofA Merrill's alternative investment platform has more than doubled over the past five years, according to the company.

The new program, set to launch in fall 2025, is designed to complement the existing Alternative Investments platform, providing qualified investors with access to institutional-grade private market funds. The program, known as the Alts Expanded Access Program, targets UHNW clients with a net worth of $50 million or more.

Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, stated, "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 Alts Expanded Access Program include selective access to specialized opportunities in emerging themes, niche strategies, and evolving sectors. Clients will receive supported recommendations from their advisors and conduct due diligence before making investment decisions. The program is client-directed, allowing investors to invest directly with fund managers.

According to the 2024 Bank of America Private Bank Study of Wealthy Americans, alternatives comprise 17% of the current portfolio allocations among high-net-worth (HNW) investors, with 93% planning to increase their allocations in the coming years Merrill and Bank of America Private Bank Launch New Alternative Investments Program to Ultra-High-Net-Worth Clients^[1]. This growing interest in alternatives underscores the need for specialized programs like the Alts Expanded Access Program.

The new offering builds on the success of other UHNW capabilities, such as the Premium Access Strategies program, which has grown to over $60 billion in client assets in under three years . This expansion reflects BofA Merrill's broader commitment to meeting the evolving needs of UHNW clients with increasingly complex financial goals.

Alternative Investments are speculative and involve a high degree of risk. They are intended for qualified investors only and should be considered carefully before investment. Investments in private markets involve significant risks, including those associated with companies with a limited operating history, securities that do not have a liquid market, and investments that are difficult to value. Investors should consult their legal and/or tax advisors before making any financial decisions.

Overall, alternative investment sales are expected to reach $200 billion this year, reflecting the growing demand for non-traditional investment options among HNW and UHNW investors. The Alts Expanded Access Program is positioned to capitalize on this trend, offering UHNW clients a more accessible pathway to private market funds.

References:
Merrill and Bank of America Private Bank Launch New Alternative Investments Program to Ultra-High-Net-Worth Clients^[1] 2024 Bank of America Private Bank Study of Wealthy Americans
Bank of America Investment Solutions Group, August 25, 2025