Bank of America (BAC) said early Wednesday that it had launched Merrill Edge Select Portfolios to give its mass-affluent clients access to actively managed, diversified portfolios with a minimum balance requirement of $20,000 and a 1% yearly management fee.
“Merrill Edge Select Portfolios [were] specifically designed with the middle class and emerging-affluent investor in mind,” said Alok Prasad (left), a Merrill Edge executive, in a press. “We are lowering the balance requirements and providing a simple, straightforward way for a broader range of investors to access professionally managed investments.”
According to BofA, the series includes 10 portfolios, ranging from conservative to aggressive in investment style. Investments include mutual funds and exchange-traded funds (ETFs) with holdings in stocks, bonds and international investment products.
The new portfolios are managed by Merrill Lynch investment professionals, who will actively monitor and rebalance the portfolios based on changing market conditions. Clients can also monitor their portfolio performance in real-time online.