Blackstone has launched a new unit to channel global retirement savings into private market strategies, targeting a multi-trillion-dollar opportunity in defined contribution plans, according to a report by Reuters.
The move follows an August executive order from US President Trump directing regulators to ease access to alternative assets in 401(k) plans.
The new unit will sit within Blackstone’s private wealth business, which manages around $280bn, and will focus on partnerships and product development for defined contribution schemes.
Heather von Zuben will lead the unit, joined by chair Tom Nides and Paul Quinlan, who will oversee the US platform. Rival managers including Apollo and Blue Owl have already struck partnerships to bring private market exposure to retail savers.
