Bank of America (BofA)
has launched an investment product, Merrill Edge Select Portfolios
targeted at what it terms the “emerging affluent
investor.”

To boost the product’s
appeal to the mass affluent segment, BofA has pitched the minimum
investment at $20,000; a management fee of 1% applies to
funds.

The product will launch
will the choice of 10 portfolios, ranging from conservative to
aggressive, to align with customers’ risk tolerance, investment
time horizon, liquidity needs and goals.

Tom Halloran, Merrill
Edge product executive said:

“This is an outstanding
opportunity for emerging investors to gain access to a portfolio
managed by Merrill Lynch investment professionals.”

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By GlobalData