Merrill Wealth Management and Bank of America Private Bank (NYSE:BAC) are shaking things up for their wealthiest clients. On Thursday, the firms introduced the Alts Expanded Access Program, designed for ultra-high-net-worth (UHNW) clients with at least $50 million in net worth, which provides entry into selective private market funds once reserved for institutions.
Set to launch in the fall of 2025, the program will allow clients to explore niche and emerging strategies, with their advisors helping them navigate fund materials while leaving final decisions in the investors’ hands.
The move comes as demand for alternatives has been rising, particularly among wealthy younger investors. A recent Bank of America study found that alternatives make up 17% of current allocations, and more than 90% of high-net-worth investors plan to boost exposure.
Also Read: Is The Market Missing Bank Of America’s Strong Earnings Growth?
“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 the private bank.
The initiative builds on earlier offerings for ultra-wealthy clients, including Premium Access Strategies, which has grown to over $60 billion in assets in under three years.
Recent Quarterly Performance
In July, Bank of America delivered second-quarter results that aligned with Wall Street expectations, with reported EPS of 89 cents matching consensus.
Analysts highlighted stronger fee income and stable operating efficiency, even as net interest income came in slightly softer.
Goldman Sachs described the quarter as “better than feared” and reaffirmed a Buy rating with a $56 price forecast, underscoring confidence in the bank’s earnings power through the second half of 2025.
Price Action: BAC stock is trading higher by 0.20% to $50.72 at last check Friday.
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