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.