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Bank of America Global Wealth and Investment Management

PRI reporting framework 2017

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Basic Information

OO 01. Signatory category and services

01.1. Select the services you offer.

          Wealth Management
        

% of assets under management (AUM) in ranges

01.2. Additional information. [Optional]

This submission is being made on behalf of the various business groups within Bank of America Merrill Lynch Global Wealth & Investment Management (GWIM) that provide discretionary investment management services, solutions, products and platforms to serve its clients’ needs (the “Discretionary Investment Management Business”).  The relevant business groups and units are part of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and the U.S. Trust Division of Bank of America, N.A. (“BANA”).  Both Merrill Lynch and BANA are affiliates of Bank of America Corporation.

Set forth below are descriptions of the business groups that comprise the Discretionary Investment Management Business:

U.S. Trust, a division of Bank of America provides GWIM clients with discretionary portfolios and strategies, customized client investments, thought leadership and investment education for UST advisors and clients, investment solution offerings and platform development and monitoring activities.

Managed Solutions Group, a business unit of Merrill Lynch, providesGWIM clients with discretionary investment management solutions, including financial advisor, firm model and third party discretionary management solutions, fund and separate account strategy selection and monitoring activities, and, through Managed Account Advisors LLC (“MAA”), implementation and screening services in connection with the execution and implementation of investment management strategies

MAA, an indirect wholly-owned subsidiary of Bank of America, provides investment advisory services to clients primarily through managed account programs sponsored by its affiliates, including Merrill Lynch. MAA also provides discretionary advisory services to the Bank in connection with investment services offered by the Bank to its clients.

GWIM Chief Investment Office, which provides GWIM Advisors and clients investment models and portfolio construction solutions for clients, thought leadership and educational materials on market developments and investment strategy, as well as initial and on-going due diligence of investment manager strategies available to GWIM clients.

The Discretionary Investment Management Business is part of GWIM. GWIM provides comprehensive wealth management and advisory services to its retail and private clients, including affluent and high-net-worth clients, trusts and small to medium businesses clients. It also provides retirement and benefit plan services, philanthropic management and asset management to individuals and institutions. Within GWIM, clients have access to a range of investment and wealth management solutions including wealth structuring, investment management, trust and banking needs, offered through approximately 15,000 Merrill Lynch Financial Advisors and Private Wealth Advisors in its Private Banking & Investments Group and through 4,400 advisors and associates in U.S. Trust.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

7300 FTE

02.4. Additional information. [Optional]

Across the Bank of America’s Global Wealth and Investment Management businesses focused on discretionary investment management described in OO 01.2,  there are 7,300  full-time equivalents as of December 31, 2016.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2016

04.2. Indicate your total AUM at the end of your reporting year, excluding subsidiaries you have chosen not to report on.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Additional information. [Optional]

As discussed in response to question OO 01.2, the assets reported are reflective of our Discretionary Investment Management business.


OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. How you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 22.6 10-50% 37
Fixed income <10% 8.3 10-50% 22.3
Private equity <10% 0.9 0 0
Property <10% 0.4 0 0
Infrastructure 0 0 0 0
Commodities <10% 0.2 0 0
Hedge funds <10% 0.2 0 0
Forestry 0 0 0 0
Farmland <10% 0.2 0 0
Inclusive finance 0 0 0 0
Cash <10% 4.1 <10% 2.4
Other (1), specify <10% 0.5 <10% 0.9
Other (2), specify 0 0 0 0

'Other (1)' specified

          'Other' category includes but is not limited to: Commingled Trust Funds (CTFs), Closely held equity assets, savings investments, insurance companies/policies/titles.
        

06.2. Publish our asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market (Private)


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