Bank of America has made available Portfolio Strategies – Managed, a unified managed investment advisory account that aims to provide clients diversification through multiple, institutional-level separate account managers and mutual funds in one convenient account.
The new program provides the opportunity for enhanced tax-efficiency through overlay management, a full range of client-centered portfolios, over 70 in-total, with investment minimums as low as USD250,000, which are designed to closely match the asset allocation recommendations provided by Bank of America. Developed and administered by the company’s Consulting Services Group (CSG), Portfolio Strategies – Managed will initially be available to affluent clients through Banc of America Investment Services, Inc.
Bank of America has been one of the fastest growing managed account sponsors through separate account, mutual fund advisory and fee-based brokerage businesses, according to Cerulli Associates. Total assets under management for all fee-based products administered by CSG surpassed USD30 billion as of 29 September 2006.
“Bank of America is pleased to offer its affluent clients broad and strategic investment exposure across all asset classes in one convenient account,” says Dan McNamara, an Investment Products Group executive. “Portfolio Strategies – Managed represents the next step in our evolution of fee-based investment advisory offerings to clients, building upon a solid foundation of separately managed accounts and multi-discipline account solutions that we provide today.”