Merrill and Bank of America Private Bank Launch New Alternative Investments Program to Ultra-High-Net-Worth Clients

New Program Unlocks Access to Institutional-Grade Private Market Funds for Qualified Clients

NEW YORK, Sept. 4, 2025 /PRNewswire/ -- Merrill Wealth Management and Bank of America Private Bank today announced the launch of the Alts Expanded Access Program, a new private market program available to ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more.

Available in fall 2025, the program is designed to complement the investment options available through Merrill's and Bank of America Private Bank's core Alternative Investments platform, offering qualified investors avenues to build an expanded allocation to alternatives 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.

Key Features of the Alts Expanded Access Program:

• Selective access: These funds are not broadly distributed and provide access to specialized opportunities in emerging themes, niche strategies and evolving sectors.
• Supported recommendation: Clients' advisor or team helps them understand the process and provides them with access to fund manager materials.
• Client-directed: Clients conduct due diligence, make investment decisions, and invest directly with fund managers.

Insights from the 2024 Bank of America Private Bank Study of Wealthy Americans underscore the growing interest in alternatives, particularly among young HNW investors:

• Alternatives comprise 17% of their current portfolio allocations.
• 93% plan to increase their allocate to alternatives in the coming years. ¹

"This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals," added Sutterlin.

The new offering builds on the successful launch of other UHNW capabilities, such as Premium Access Strategies ², a dual-contract investment advisory program that has grown to over $60 billion in client assets ³ in under three years.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
[email protected]

Footnotes
¹ 2024 Bank of America Private Bank Study of Wealthy Americans, the survey consisted of 1,007 high-net-worth (HNW) respondents throughout the U.S. Respondents in the study were at least 21 years of age with at least $3 million in investable assets, excluding primary residence.

² To invest, you must have at least $5 million in combined assets at Merrill and Bank of America OR over $10 million in investable assets (including assets outside of Merrill and Bank of America). For clients where Bank of America N.A. provides trust, fiduciary, and investment management services, the minimum is $20 million in combined assets at Merrill and Bank of America N.A.

³ Bank of America Investment Solutions Group, August 25, 2025

Important Disclosures

Investing involves risk, including the possible loss of principal.
This material is provided for information purposes only and does not constitute an offer to purchase any security or investment or a solicitation of investment advice. An offer of interests in any particular investment can only be made pursuant to the relevant private placement memorandum or prospectus offering document, which contains important information concerning risk factors, performance and other material aspects of the investment and must be carefully read before any decision to invest is made.

This material does not take into account a client's particular investment objectives, financial situations, or needs and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. For more information about these services and their differences, speak with your advisor.

Alternative Investments are speculative and involve a high degree of risk.
Alternative Investments are intended for qualified investors only. Alternative Investments such as private funds can result in higher return potential but also higher loss potential. Changes in economic conditions or other circumstances may adversely affect your investments. Before you invest in Alternative Investments, you should consider your overall financial situation, how much money you have to invest, your need for liquidity, and your tolerance for risk.

Private investments 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. They are only appropriate for investors with substantial knowledge and prior experience in making private investments, who are capable of independently evaluating the merits and risks of such investments, and who have the wherewithal to bear investment losses.

Investments in private markets involve a high degree of risk and therefore should only be undertaken by qualified investors whose financial resources are sufficient to enable them to assume these risks and to bear the loss of all or part of their investment. Investments in private markets include significant risks not otherwise present in public market investments. Furthermore, private market investors are afforded less regulatory protections than investors in registered public securities.

Some or all Alternative Investment programs may not be in the best interest of certain investors. No assurance can be given that any Alternative Investment's investment objectives will be achieved. Many Alternative Investment products are sold pursuant to exemptions from regulation and, for example, may not be subject to the same regulatory requirements as mutual funds. In addition to certain general risks each product will be subject to its own specific risks, including strategy and market risk. Certain Alternative Investments require tax reports on Schedule K-1 to be prepared and filed. As a result, investors will likely be required to obtain extensions for filing federal, state, and local income tax returns each year.

Investments focused in a certain industry, emerging themes or niche investments may pose additional risk due to lack of diversification, industry volatility, economic turmoil, susceptibility to economic, political or regulatory risks and other sector concentration risks.

Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp."). Trust and fiduciary services are provided by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A.

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