Merrill Wealth Management and Bank of America Private Bank have announced the launch of the Alts Expanded Access Program, a new private market investment program for ultra-high-net-worth clients with at least $50 million in net worth. The program will be available in fall 2025.
The Alts Expanded Access Program is intended to broaden the range of alternative investments offered through Merrill’s and Bank of America Private Bank’s core platform. It aims to give qualified investors more options for diversifying their portfolios.
“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 features selective access to funds that are not widely distributed. These opportunities focus on emerging themes, niche strategies, and evolving sectors. Clients work with their advisors or teams to understand the process and receive fund manager materials. They then conduct due diligence themselves, make investment decisions, and invest directly with fund managers.
According to data from the 2024 Bank of America Private Bank Study of Wealthy Americans—which surveyed over 1,000 high-net-worth individuals—alternative investments currently make up 17% of respondents’ portfolios. Additionally, 93% plan to increase their allocation to alternatives 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 offerings for ultra-high-net-worth clients such as Premium Access Strategies—a dual-contract investment advisory program that has grown to over $60 billion in client assets in less than three years.
Bank of America serves about 69 million consumer and small business clients across approximately 3,700 retail financial centers in the United States. The company also operates around 15,000 ATMs and has about 58 million verified digital users. Its operations extend across more than 35 countries worldwide.
