Merrill Wealth Management and Bank of America Private Bank launched a new alternative investments platform for individuals with at least USD50 million in net worth, highlighting growing demand among the world’s wealthiest families for private market exposure.
The Alts Expanded Access Program, set to debut this autumn, will provide ultra-high-net-worth (UHNW) clients with access to private equity, private credit, venture capital and real assets. Unlike conventional wealth products, the funds available under the programme are not broadly distributed, instead targeting emerging themes and specialised strategies.
Clients will receive fund information and guidance from their advisors, but investment decisions remain fully client-directed. Investors are responsible for conducting due diligence and investing directly with fund managers.
Mark Sutterlin, head of alternative investments at Merrill and Bank of America Private Bank, said the initiative was designed in response to shifting client expectations. “Ultra-high-net-worth investors are seeking differentiated opportunities across private markets. This programme is designed to offer them greater choice while ensuring the flexibility to invest directly,” he said.
The launch extends Bank of America’s efforts to strengthen its services for the ultra-wealthy. Earlier this year, the bank established a dedicated Ultra-High-Net-Worth Advisory Group, adding more than two dozen specialists to support advisors with customised lending, estate planning and tax solutions. Its Premium Access Strategies platform, introduced three years ago, has already attracted over USD 60 billion in client assets.
Interest in alternatives is particularly strong among younger investors.
A 2024 Bank of America Private Bank study found that alternatives accounted for 17% of their portfolios, with 93% planning to increase allocations.
The initiative positions Bank of America alongside competitors such as Goldman Sachs which has recently partnered with T. Rowe Price with a USD 1 billion commitment to broaden private-market access, while Morgan Stanley has launched North Haven Private Assets Fund, an SEC-registered evergreen private equity fund for individual investors aiming to democratise exposure to co-investments and secondaries in the lower middle market.
