Bank of America

Bank of America sources private-market opportunities primarily through its global commercial and investment banking relationships, which connect it to thousands of middle-market and large-cap companies. The Global Banking division acts as a bookrunner on leveraged buyouts and syndicated loans, giving the bank early visibility into sponsor-driven transactions. The Private Bank additionally offers co-investment and direct-deal access sourced through its institutional network.

The Bank of America Private Bank is not a multi-family office; it operates as a traditional private bank providing wealth management, lending, and advisory services to ultra-high-net-worth individuals and family offices. It does not make independent fiduciary decisions as a multi-family office would, but it maintains dedicated family-office practice groups that coordinate credit, tax, and philanthropic strategies alongside clients' existing advisors.

Wealth clients gain access to private equity, venture capital, real estate, hedge funds, and direct private credit through Merrill and the Private Bank's platform. The bank typically distributes third-party funds — including from Blackstone, KKR, and Carlyle — rather than manufacturing proprietary co-mingled alternatives. Direct co-investment opportunities are made available to larger family-office and qualified-purchaser clients within the Private Bank's institutional consulting group.

With over $3.2 trillion in total assets, Bank of America can extend securities-based credit, art loans, and structured financing at scale and at rates typically below those available from non-bank lenders. During periods of market stress, the bank's deposit base provides a stable funding source that allows it to maintain lending lines when some alternative-credit providers pull back. This balance-sheet capacity is a key differentiator for clients who rely on liquidity management as part of their wealth strategy.

The Private Bank runs a dedicated Philanthropic Solutions group that advises family foundations and donor-advised-fund sponsors on governance, grantmaking, and impact investing. Merrill separately supports clients in structuring charitable remainder trusts and private foundations. The bank's philanthropic advisory is fee-based, not asset-management-driven, and operates alongside, rather than as part of, the investment-management business.

Bank of America competes at the margin by originating and distributing its own structured credit, real estate debt, and certain direct-lending products through its commercial and institutional divisions. However, the bank functions primarily as a credit provider and distribution partner to alternative managers rather than as a direct competitor. Post-Volcker Rule constraints prohibit proprietary private equity investing, so the bank's in-house alternative-exposure efforts are limited to seed-capital partnerships and fee-generating distribution agreements.

Investment-strategy leadership for Private Bank family-office clients sits within the Chief Investment Office, currently led by Chris Hyzy. The CIO function sets asset-allocation frameworks and manager due-diligence standards across Merrill and the Private Bank. Individual client portfolios are managed by dedicated Private Client Advisors and Institutional Consultants, who tailor the CIO guidance to each family's liquidity, tax, and governance requirements.