Group 1: Policy Changes and Market Impact - On August 7, 2025, President Trump signed an executive order allowing alternative assets in 401(k) retirement savings plans, reducing regulatory burdens and litigation risks[1] - As of Q1 2025, Americans held $12.2 trillion in all employer-sponsored defined contribution (DC) retirement plans, with $8.7 trillion in 401(k) plans, indicating significant growth potential for alternative investments[1][20] - The inclusion of alternative assets could open a new opportunity window for the alternative investment market, which has been historically limited by regulatory constraints[1][33] Group 2: Performance and Liquidity of Alternative Assets - Since 2000, private equity has delivered an annualized time-weighted net return of 13%, significantly outperforming publicly listed stocks, which returned 8% during the same period[2][30] - As of December 2023, the net asset value of U.S. private equity and venture capital benchmarks totaled $2 trillion, while REITs held over $4 trillion in total assets, suggesting ample liquidity for alternative investments[2][31] - 43% of alternative investment managers expect over 5% of funds in DC plans to be allocated to alternative assets in the next five years, enhancing liquidity in the alternative investment market[2][31] Group 3: Risks and Costs of Alternative Investments - Alternative assets often exhibit poor liquidity, opaque valuations, and high volatility, presenting greater risks compared to traditional products[2][32] - Private equity funds typically charge higher fees, with a common structure of "2% and 20%", compared to an average fee of 0.26% for mutual funds in 401(k) plans, potentially eroding investor returns[2][32] - The legal and regulatory frameworks for many alternative assets are underdeveloped, increasing uncertainty and potential legal risks for investors[2][32]

路透社10日的报道称，一份来自美国总统特朗普的最新行政令指示监管机构允许私募股权、房地产、加 密货币和其他"替代资产"加入美国人的 401(k)退休储蓄计划，为这些行业打开约12.5万亿美元退休账户 的大门。这意味着美国人的养老金投资将向更多高风险资产敞开大门，此举立刻受到了华尔街投资巨头 的欢迎。同时很多批评者认为，高风险资产的进入可能会使美国人失去大量退休储蓄。 401(k)退休储蓄计划是指一项主要面对美国工薪阶层的养老金计划，是美国养老金体系的重要支柱，该 计划允许工作者将部分工资以免税的形式投资于资本市场。英国《金融时报》10日报道称，长期以来， 该退休储蓄计划主要对接股票和债券等风险较低的资产。特朗普向私募股权和加密货币行业开放美国退 休储蓄计划的巨额资金，这可能重塑9000万美国人的金融未来。 报道称，白宫这一决策的背后是阿波罗全球管理公司和贝莱德等私人资本集团的长期大力游说。阿波罗 全球管理公司首席执行官马克·罗文声称，当前美国的退休金投资过度集中于英伟达等科技股，如果接 入私募，相关资产可以得到"更加优化的配置"。 《金融时报》援引的投资行业数据显示，2007年以来，401(k)退休储蓄计划掌 ...

Core Viewpoint - The article discusses a significant policy shift in the U.S. pension investment landscape, allowing alternative assets such as private equity, real estate, and cryptocurrencies to be included in 401(k) retirement savings plans, as announced by President Trump [1][2]. Group 1: Policy Changes - President Trump will sign an executive order to permit alternative assets in 401(k) plans, marking a major policy shift in U.S. pension investments [1][2]. - The U.S. Department of Labor will reassess guidelines regarding alternative asset investments in 401(k) plans and clarify the government's fiduciary responsibilities [2][3]. - This reform aligns with Trump's support for the cryptocurrency industry and follows recent congressional actions favoring cryptocurrencies [2]. Group 2: Market Impact - Following the announcement, Bitcoin prices surged, and private equity stocks like Apollo Group saw slight pre-market gains [2]. - The inclusion of private market products in 401(k) plans is expected to provide savers with more investment options and potentially higher returns, despite the associated risks and costs [3]. Group 3: Industry Developments - Major asset management firms, such as BlackRock, plan to introduce funds that allocate a portion of assets to private markets within 401(k) plans by 2026 [4]. - Empower, the second-largest retirement plan service provider in the U.S., is set to collaborate with asset management companies, including Apollo, to introduce private asset allocations in select accounts [4]. Group 4: Current Landscape - As of Q1 2025, Americans are projected to hold approximately $8.7 trillion in 401(k) accounts, with asset managers beginning to launch alternative asset products specifically for retirement accounts [3].