Goldman Sachs is buying a $1 billion, 3.5% stake in T. Rowe Price to push private assets into retirement accounts

Goldman Sachs is putting down up to $1 billion for a 3.5% stake in asset manager ￰0￱ Price, the firm confirmed Thursday, according to Yahoo ￰1￱ goal is to flood the retirement market with access to private assets (stuff like real estate, infrastructure, credit, and private equity) things that were once only offered to institutional ￰2￱ the plan is to make them available to everyday Americans, especially those saving for ￰3￱ partnership wants to build a system that lets these alternative assets flow directly into the hands of retirees, account sponsors, and financial ￰4￱ CEO David Solomon said this collaboration “represents our conviction in a shared legacy of success delivering results for investors.” He also said that with Goldman’s “decades of leadership innovating across public and private markets” and T.

Rowe’s “expertise in active investing,” clients can expect better access to new ways of saving for retirement and building ￰5￱ Price saw its stock jump by as much as 9% on Friday after the ￰6￱ shares also ticked up, but by a smaller ￰7￱ CEO Rob Sharps said : “As a leader in retirement, we have a proven track record of using our expertise to drive solutions that help our clients confidently prepare for, save for, and live in retirement.” Goldman and ￰8￱ prep co-branded portfolios Part of the joint plan includes launching target-date funds that mix public stocks, bonds, and private ￰9￱ hybrid funds are set to roll out by the middle of next ￰10￱ would bring private investments straight into retirement portfolios in a way that hasn’t really existed ￰11￱ two companies also want to launch co-branded portfolios and offer financial advice, targeting both mass affluent and high-net-worth investors.

Meanwhile, just this Thursday, Citigroup said its wealth unit would begin working with BlackRock under a new ￰12￱ deal will give BlackRock control over $80 billion in Citi’s wealth client ￰13￱ time, those funds will also include private market ￰14￱ said the rollout would begin in the fourth ￰15￱ wave of Wall Street-private asset pairings comes after President Trump signed an executive order last ￰16￱ order directs the Securities and Exchange Commission to let cryptocurrencies and other alternative assets into 401(k)s and retirement accounts. That’s opened the door for big players like Goldman to go all-in on pushing these products ￰17￱ this, private assets were largely out of ￰18￱ investments are harder to sell, come with more fees, and usually require long ￰19￱ were built for institutional investors, not school teachers, engineers, or small business ￰20￱ the potential for profit has outweighed the ￰21￱ the rule changes in place, asset managers are rushing ￰22￱ Global Management, Partners Group, and KKR have each partnered with more traditional asset managers ￰23￱ include State Street, BlackRock, and Capital ￰24￱ goal across the board is clear: pull retail money into alternative investments while the iron is ￰25￱ Bybit now and claim a $50 bonus in minutes