Blackstone Inc. is partnering with two other asset managers, The Vanguard Group, Inc. and Wellington Management Co., to develop investment products and potentially reach portfolios of everyday investors, the Wall Street Journal reported on Tuesday.
According to the report, the American alternative investment management company plans to use its partnership with the other two companies to be able to offer individuals access to multiasset portfolios, which were only available to institutional investors so far. These portfolios combine private and public assets, and while the three firms plan to sell their products to individuals through financial advisors initially, the partnership is expected to evolve over time.
The report also stated that this collaboration could pave the way for Blackstone to include private-market assets in target-date funds offered through 401(k) retirement plans.
