CHARLOTTE, N.C. — To further woo potential affluent customers, Bank of America Corp. has introduced a unified management account.

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The "Portfolio Strategies Managed" UMA groups several investment products together such as mutual funds and separately managed accounts into one statement for a fee. The product is targeted at individuals with between $250,000 to $1 million to invest. Customers pay an annual fee that can range from 0.81% to 2% of assets. In exchange, an adviser creates for them a portfolio, based on asset allocations developed by the firm, and recommends investments from a list of pre-screened managers and mutual funds.

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This latest offering adds to Bank of America's suite of products and services for high-net worth clients, which includes separately managed accounts for those with more than $1 million to invest and mutual fund wrap accounts which require a minimum of $50,000 to open.

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