Bank of America Launches Unified Managed Account

Bank of America announced the launch of a Unified Managed Account (UMA) Program designed for its wealthy and ultra-wealthy clients.

The UMA Program provides clients with customization through multiple, institutional-level separate account managers, exchange-traded funds, and mutual funds in one account utilizing an active overlay portfolio manager, according to a press announcement. The UMA Program offers a highly-personalized solution, with portfolio managers building customized asset allocations and then constructing portfolios using a combination of separate account investment managers.

Through the program, clients have access to over 70 different investment managers, comprising a wide range of asset classes and styles, including large cap, small cap, mid cap, international, global, fixed income, and high yield. The announcement said the accounts will be managed for tax efficiency by the overlay manager, and most investment managers that participate in Bank of America’s separate account programs have agreed to participate in the new UMA platform.

Developed and administered by Bank of America’s Consulting Services Group, the new UMA will be rolled out to all U.S. Trust, Bank of America Private Wealth Management clients over the coming months, beginning with legacy Bank of America Private Bank clients, the announcement said.

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