The Trump administration is pushing for American retirement savers to gain access to "alternative" investments, including private equity and cryptocurrency. That push is feeding debate on whether those potentially risky assets belong in retirement accounts. On March 31, the Labor Department issued a proposed rule that would ease legal and regulatory barriers against adding alternative investments to retirement plans. The rule follows an executive order from President Donald Trump in 2025. The introducti ...

JUST IN: 🇺🇸 US Department of Labor proposes rule to open $10 trillion 401k retirement plans to crypto and alternative investments. ...

Core Insights - The UBS Global Wealth Report 2025 indicates that there were nearly 24 million millionaires in the U.S. in 2024, highlighting the growing wealth among individuals [1] Investment Strategies - A traditional approach is favored for core portfolios, with a significant portion of wealth allocated to index funds, which are accessible to everyone [4] - Alternative investments, such as crypto, gold, and real estate, are considered but should only make up about 5% of a portfolio due to their higher risk and complexity [5] - Tax optimization strategies are crucial for millionaires, including loss harvesting and estate planning, with recommendations to consult financial experts [6] Philanthropy - Wealth at the million-dollar mark should also focus on philanthropy, as it enhances life satisfaction and well-being, emphasizing the importance of using wealth to benefit others [7]

iCapital and BlackRock’s Aladdin Wealth platform have entered a new partnership to link iCapital’s alternative investment technology platform with Aladdin Wealth. This development gives financial advisors using Aladdin Wealth the ability to conduct alternative investment activities, such as discovering offerings, managing subscriptions and redemptions, and monitoring status updates, all within a single integrated system. With the integration, advisors will be able to handle both public and private marke ...

Core Insights - Amid economic uncertainties such as the war in Iran and trade policy issues, gold is increasingly viewed as a safe investment option, historically serving as a hedge against inflation and market volatility [1] - A significant portion of wealthy young investors, specifically 45%, currently own gold, with another 45% expressing interest in acquiring it [2] - The trend indicates that 93% of affluent young Americans plan to increase their allocation to alternative investments, with 72% believing traditional stocks and bonds can no longer yield above-average returns [3] Gold Investment - The price of gold has surged to record levels, reaching historic highs of $5,602 per ounce in January [7] - Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, providing tax advantages alongside the protective benefits of gold investment [8] Real Estate Investment - Real estate is perceived as a solid hedge against inflation, with 31% of younger investors identifying it as the greatest opportunity for growth [10] - The top 1% of Americans hold over $6 trillion in real estate assets, indicating the asset class's significance among high-net-worth individuals [10] Cryptocurrency Investment - Cryptocurrency has gained mainstream acceptance, with 41% of American investors considering it a good investment [14] - Young affluent Americans allocate 14% of their portfolios to crypto, significantly higher than the 1% allocated by older generations [15] Art Investment - Fine art is emerging as a lucrative asset class, with an estimated value projected to reach nearly $3.5 trillion by 2030 [20] - 83% of wealthy millennials and Gen Z are interested in investing in art, with high-net-worth individuals allocating about 20% of their wealth to this asset class [21]

Core Insights - GAM is focused on growth, innovation, and client-centric investment excellence under the leadership of Group CEO Albert Saporta [2][4] - The company has strengthened its investment platform through new strategic partnerships and leadership changes [4][9] Financial Highlights - GAM reported an IFRS net loss after tax of CHF 74.2 million for FY 2025, an improvement from CHF 77.2 million in FY 2024 [5] - The underlying loss before tax was CHF 60.2 million, down from CHF 67.7 million in FY 2024, primarily due to cost reductions [6] - Assets under management (AuM) decreased to CHF 12.5 billion from CHF 16.3 billion as of December 31, 2024, driven by net outflows of CHF 3.7 billion [30] Strategic Developments - GAM established a co-investment partnership with Swiss Re for Insurance-Linked Securities, enhancing its position in catastrophe bonds [5][11] - A strategic partnership with Gramercy for Emerging Market Debt was formed, integrating specialist fixed income strategies into GAM's platform [5][11] - The company launched a UCITS fund for AI-driven private equity replication in February 2026 through a partnership with PEO Partners [5][12] Leadership Changes - Albert Saporta was appointed as Group CEO, with Tim Rainsford as Chief Distribution and Product Officer, and Gerhard Lohmann as Chief Financial Officer [5][16] - These leadership changes aim to strengthen GAM's financial foundations and support future growth [16] Investment Performance - 61% of AuM outperformed their three-year benchmark, while 54% outperformed their five-year benchmark as of December 31, 2025 [21] - The performance in the Alternatives category showed significant improvement, with 92% outperforming the three-year benchmark [22] Client Engagement - GAM focused on enhancing client engagement, hiring senior client-facing individuals across various regions and establishing new branches in France and Milan [14][15] - The company conducted over 200 client events globally, emphasizing its commitment to client proximity and thought leadership [15] Operational Efficiency - GAM completed its operational simplification program, resulting in a leaner and more scalable platform [17][18] - The migration of investment teams to a cloud-based platform and outsourcing of fund management activities were key components of this transformation [17] Business Areas - GAM operates in three core business areas: GAM Alternatives, GAM Specialist Active, and GAM Wealth Management, each leveraging the company's global platform [19][20] - These areas are designed to drive sustainable growth and profitability through differentiated investment strategies [19]

Core Insights - iCapital has partnered with BlackRock to integrate its alternative investment platform with Aladdin Wealth, enhancing portfolio analytics for wealth managers [1][2] Group 1: Partnership Details - The integration allows Aladdin Wealth users to access alternative investments, initiate subscriptions and redemptions, and track status updates through the platform [2] - iCapital's CEO, Lawrence Calcano, emphasized that the partnership will improve efficiency and support personalized client outcomes by providing a scalable framework for portfolio construction and oversight [3] Group 2: Enhanced Capabilities - Ted Stratigos, global head at Aladdin Wealth, stated that the integration will enhance Aladdin Wealth's capabilities by connecting advisors directly to alternative investments, utilizing the same data, analytics, and risk management tools [4] - In 2024, BlackRock plans to launch custom public-private model portfolios through its UMA, supported by iCapital's technology for registered investment advisors (RIAs) [3]

Core Insights - The discussions at the iCapital Connect conference reflect an optimistic outlook on the growth of private market allocations, driven by the adoption of model portfolios and unified managed accounts that facilitate private market investments [2][4]. Group 1: Private Market Growth - Private market allocations from Morgan Stanley's clients have exceeded $40 billion, with a year-on-year increase of 35% projected for 2026 [5]. - Morgan Stanley's global investment committee recommends an average allocation of 20% to alternatives for wealth clients, while the current allocation stands at only 6% [6]. - Bank of America and Citi are also suggesting private market allocations of 20% or more, indicating a trend towards higher allocations across firms [8]. Group 2: Model Portfolios and Advisor Education - Model portfolios are seen as a successful strategy for attracting new advisors and clients, providing a diversified alternative investment solution without the need for advisors to manage capital markets or asset allocation [7]. - The shift from individual sales to portfolio sales emphasizes the importance of education and long-term strategic planning in wealth management [9]. - The rise of model portfolios is projected to significantly increase, with current assets in models expected to grow from $4 trillion to $11 trillion by the end of the decade [12]. Group 3: Private Credit Concerns - Despite concerns regarding private credit fundamentals and rising redemption requests, asset managers believe these issues are overstated and that limited liquidity features are functioning as intended to protect investors [3][11]. - The term "evergreen" or "perpetual" is being favored over "semi-liquid" to describe certain funds, reflecting a shift in how these investments are perceived [3]. Group 4: Future of Alternatives - The complexity of new structures and products in private markets is acknowledged, with a focus on preparing advisors for the strategic long-term allocation of alternatives [4][8]. - Incorporating alternatives into model portfolios is viewed as the next evolution in total portfolio management, helping clients better weather market volatility [14].

Group 1: Goldman Sachs - Goldman's asset and wealth management unit has experienced significant growth, with management fees and fees from alternatives increasing over 8% year over year to $2.37 billion in 2025 [2] - Alternatives saw record inflows of $115 billion last year, and Goldman expects to attract between $75 billion and $100 billion of new client assets annually into alternative investments [2] - By 2030, Goldman anticipates that alternative assets under supervision will reach $750 billion [2] Group 2: Strategic Initiatives - Goldman has been bolstered by strategic partnerships and acquisitions, including a partnership with T. Rowe Price to offer wealth and retirement products and the acquisition of Innovator Capital Management [6] - The firm is also targeting a return of 17% to 19% for its asset and wealth management division over the next three to five years [3] - Goldman plans to continue seeking growth opportunities in asset and wealth management through mergers and acquisitions [4] Group 3: BlackRock - BlackRock's CEO Larry Fink highlighted the firm's ambitious fundraising plan, aiming for $400 billion in private markets gross fundraising by 2030 [5] - The firm is experiencing excellent fundraising activity across various sectors, including infrastructure equity and debt, private financing solutions, and multi-alternatives [5]

Core Viewpoint - Blue Owl Capital's stock is experiencing gains due to a reaffirmed bullish stance from TD Cowen, highlighting strong institutional demand for alternative assets despite short-term challenges [1][2]. Group 1: Analyst Ratings and Price Target - TD Cowen reiterated a "buy" rating on Blue Owl Capital, lowering its 12-month price target to $14 from $16, indicating a potential upside of approximately 54% from the previous close [2]. - The positive sentiment from analysts is crucial as the company has faced pressure from concerns regarding redemptions and risks in the private credit market [2]. Group 2: Institutional Demand and Long-term Outlook - Continued demand for alternative investments from institutional clients is a key driver for Blue Owl's long-term growth, as noted by TD Cowen [3]. - Blue Owl's co-CEO Doug Ostrover emphasized positive trends in the firm's real assets platform, including data centers, which reinforces confidence in the business model [3]. - The company's attractive dividend yield of 9.9% continues to appeal to income-focused investors, providing additional support for the stock [4]. Group 3: Near-term Pressures and Redemption Activity - Analysts caution that the stock may face choppy performance in the near term due to elevated redemption activity, particularly through Labor Day [5]. - Blue Owl's recent actions, including the sale of $1.4 billion in loan assets and restrictions on withdrawals from a retail-focused vehicle, have raised concerns about liquidity and investor behavior in the private credit market [7]. Group 4: Liquidity and Market Sentiment - Despite redemption pressures, TD Cowen noted that Blue Owl's funds maintain sufficient liquidity, reducing the risk of forced asset sales [9]. - The firm's outlook aligns with broader market sentiment, with around three-quarters of analysts covering Blue Owl having a buy or strong buy rating [9]. - Blue Owl shares have declined nearly 13% over the past month, primarily due to the restriction on withdrawals, but recent analyst support has helped stabilize sentiment [10].