Provider Profiles
Bank of America Private Bank
| Profile | |
| Business Model§ | OCIO + other |
| Year Entered Into OCIO Business | 1993 |
| No. of Relationship Managers/Salespeople | 103 |
| No. of OCIO Portfolio Managers | 34 |
| OCIO % of Total Firm Revenue | *Not Reported |
| No. of Clients, Full Discretion | 1211 |
| Full Discretionary Assets | |
| Total Full Discretionary OCIO Assets | $59.1b |
| Discretionary Assets by Fund Type | |
| Defined Benefit | $9.1b |
| 401(k), 403(b), Other DC | $0mm |
| Endowments/Foundation | $50b |
| Healthcare Pools (Board designated, funded depreciation) | $0mm |
| Other | Not Reported |
| Portfolio Construction |
| Our approach following the development of an asset allocation strategy is driven by client needs and preferences—many of which are memorialized in the Investment Policy Statement. Specific considerations that impact the portfolio construction process at the client level may include: • Legacy investments that may need to be incorporated into or removed from the final portfolio. • The institution’s mission and the degree to which it can or should be reflected in product selection or portfolio management decisions. • Active-passive preferences, which may tie in to tracking error or cost concerns. • Biases towards or against proprietary strategies, which are typically related to either conflict-of-interest or fee considerations. • Liquidity or cash flow needs, along with the anticipated distribution schedule (if any). These factors and others assess investments both quantitatively and qualitatively. For each portfolio, our investment selection seeks to identify the most effective combination of investments to improve a portfolio’s risk-adjusted return potential. |
| *Bank of America Private Bank provides comprehensive wealth management capabilities to a broad base of clients from high-net-worth families to institutional nonprofit organizations. In 2022, Bank of America Private Bank revenue was approximately $3.6 billion. As a publicly-traded company, we do not report out any additional breakdown of this revenue. The majority of Bank of America Private Bank revenue is generated by asset management fees. In addition to asset management fees, Bank of America Private Bank generates revenue based on credit and banking products. §OCIO only: Open-architecture (no proprietary products used): Investment outsourcing is only business line. OCIO + other: An open-architecture/manager-of-manager investment outsourcing platform as one of multiple business lines. Implemented consulting: i.e. consulting firm that also has discretion over assigned assets. Proprietary/non-proprietary: An investment outsourcing platform that offers proprietary products alongside non-proprietary products. Other: OCIO Platform is something other than the 4 types listed above. |