Bank of America has added a new investment offering to its Merrill Edge program for mass-affluent investors, the bank announced Wednesday. The new offering — called Merrill Edge Select Portfolios — provides customers with access to actively managed, diversified portfolios and is aimed at the “middle class and the emerging affluent investor,” the bank said. The minimum investment is $20,000.
The relatively low minimum investment “opens up a new population of customers” who otherwise might not be able to access this type of investment management solution, Alok Prasad, Merrill Edge executive, said in an interview. Investors typically need at least $100,000 to receive the type of portfolio management the new program offers, he said.
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