Bank of America Wednesday announced it is offering a unified managed account.
Called Portfolio Strategies-Managed, it offers investors a choice of 72 mutual fund and managed account portfolios with overlay management providing tax efficiencies. Parametric Portfolio Associates, a subsidiary of Eaton Vance, will be handling the overlay management. The minimum investment is $250,000.
The bank is initially making the program available to affluent investors through Banc of America Investment Services.
According to Cerulli Associates, BoA is one of the fastest growing managed account sponsors, with more than $30 billion under management.
“Bank of America is pleased to offer its affluent clients broad and strategic investment exposure across all asset classes in one convenient account,” said Dan McNamara, investment products group executive. “Portfolio Strategies-Managed represents the next step in our evolution of fee-based investment advisory offerings to clients.”