Merrill Wealth Management and Bank of America Private Bank have announced the launch of the Alts Expanded Access Program, a new private market investment offering for ultra-high-net-worth clients with a net worth of $50 million or more. The program will be available in fall 2025.
The Alts Expanded Access Program is intended to supplement existing investment options on Merrill’s and Bank of America Private Bank’s core Alternative Investments platform. It aims to provide qualified investors with opportunities to increase their allocation to alternative investments as part of a diversified portfolio.
“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 Bank of America Private Bank.
The program offers selective access to funds that are not widely distributed. These funds focus on specialized opportunities in emerging themes, niche strategies, and evolving sectors. Clients receive support from their advisor or team throughout the process and are provided with fund manager materials. Investment decisions remain client-directed; individuals conduct due diligence and invest directly with fund managers.
Findings from the 2024 Bank of America Private Bank Study of Wealthy Americans show an increasing interest in alternative investments among high-net-worth individuals. Alternatives currently make up 17% of their portfolio allocations, while 93% plan to increase their allocation in coming years.
“This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals,” added Sutterlin.
The Alts Expanded Access Program builds on previous initiatives such as Premium Access Strategies—a dual-contract investment advisory program that has grown to over $60 billion in client assets in under three years. To participate in some offerings like Premium Access Strategies, clients must meet certain asset minimums at Merrill and Bank of America or have significant investable assets elsewhere.
Bank of America serves individual consumers, small businesses, middle-market companies, and large corporations through a range of banking and investment services. The company operates approximately 3,700 retail financial centers across the United States and supports around 69 million consumer and small business clients.
