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Bank of America Global Wealth and Investment Management

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other

Please specify

          Wealth Management
        
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

This submission is being made on behalf of the various business groups within Bank of America 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 (“MLPF&S”) and the Bank of America, N.A. (“BANA”).  Both MLPF&S 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:

  • Bank of America Private Bank (previously referred to as “U.S. Trust”), a division of Bank of America provides private client advisors and wealth management clients with discretionary portfolios and strategies, and customized client investments for.
  • Investment Products (previously referred to as “Managed Solutions Group”), a business unit of Bank of America, provides Merrill Lynch Wealth Management and Merrill Private Wealth Management 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 BANA, provides investment advisory services to clients primarily through managed account programs sponsored by its affiliates, including MLPF&S.
  • The Chief Investment Office, provides Private Bank and Merrill 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 wealth management clients.

The Discretionary Investment Management Business supports both Bank of America Private Bank and Merrill. It 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 philanthropic management and asset management to individuals and institutions. Clients have access to a range of investment and wealth management solutions including wealth structuring, investment management, trust and banking needs, offered through Merrill financial advisors and Private Client Advisors in the Private Bank.


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).

2458 FTE

02.4. Additional information. [Optional]

Across the Bank of America’s wealth management businesses focused on discretionary investment management described in OO 01.2, there are approximately 2,438 full-time equivalents as of December 31, 2019.


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.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. 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

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 19.2 10-50% 38.4
Fixed income <10% 8.9 10-50% 23.7
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 4.6 <10% 2.6
Money market instruments 0 0 0 0
Other (1), specify <10% 1.9 <10% 0.7
Other (2), specify 0 0 0 0

'Other (1)' specified

          Other Assets
        

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

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. 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

09.1. Indicate the breakdown of your organisation’s AUM by market.

97 Developed Markets
3 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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