You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Empower, the second-largest U.S. retirement plan provider, added alternative asset manager giant Blackstone to its private markets investment partnership program. The move comes amid a push by the Trump administration to expand private market access to defined contribution plans.  Blackstone, which has a line-up of private equity, private credit, real estate and infrastructure products aim ...

DALLAS, Jan. 12, 2026 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today announced it will change its name to Ridgepost Capital, Inc. The name change will become effective on February 11, 2026. Starting that day, the Company’s stock will trade on the New York Stock Exchange and NYSE Texas under the new ticker symbol “RPC.” A ridgepost is a marker on higher ground signifying stability, perspective, and protection. This new name encompasses the Compan ...

Core Viewpoint - Investors are withdrawing significant amounts from private credit vehicles due to lower returns and concerns over credit quality in the $1.7 trillion asset class [1][3]. Withdrawal Trends - In the fourth quarter, investors in BDCs holding over $1 billion requested to withdraw more than $2.9 billion, a 200% increase from the previous period [2]. - Despite the withdrawal requests, many funds are still attracting more cash than they are losing, with fund managers honoring all redemption requests [2]. Investor Sentiment - The increase in withdrawals indicates a decline in sentiment towards private credit, driven by fears of lower returns and rising stress signs [3]. - The current environment is seen as a significant test for the non-institutional client base of many funds since the onset of COVID-19 [3]. Specific Fund Performance - Blackstone's BCRED saw withdrawal requests of about $2.1 billion, approximately 4.5% of its net assets [4]. - Blue Owl Technology Income Corp. allowed withdrawals of up to 17% of its net assets, totaling about $685 million [5]. - Ares' non-traded BDC experienced redemption requests exceeding 5% of its net assets in the fourth quarter [6]. Historical Context - Historically, redemption rates have been around 2% of a fund's net assets, indicating the current surge is notable [6]. - Blue Owl, Ares, and Blackstone reported record fundraising for private wealth products last year, with minimal losses reported across non-traded vehicles [9]. Market Dynamics - Concerns are rising regarding underwriting quality and covenant standards, prompting investors to seek liquidity and reallocate their investments [11]. - If redemption requests persist at around 5%, non-traded BDCs could face approximately $45 billion in net outflows annually, although managers are expected to manage these redemptions effectively [12]. Investor Behavior - Investors are increasingly cautious about "shadow defaults" in private credit, leading to a reevaluation of capital allocation strategies [14]. - There is a trend of reallocating capital from corporate direct lending to larger direct lending funds [14]. Future Outlook - Expectations indicate that flows into non-traded BDCs may slow as investors seek discounts on publicly traded vehicles [15]. - Firms are under pressure to find deals to deploy raised capital, which has been challenging due to a lack of mergers and acquisitions [16]. - Some funds have raised so much capital that they struggle to find enough loans to deploy, resulting in a significant portion of their portfolios being allocated to bank-syndicated loans [17].

In terms of how private markets exposure works inside a client’s overall portfolio, Ben Sayer, alternative investments group head at MAI Capital Management, said the alts can be separated into three categories. Depending on a client’s risk and return profile, Sayer said MAI might employ an income and low-volatility growth alternative strategy as an extension of a fixed-income portfolio. Growth alternatives can be used to enhance equity exposure, and real assets can be used as an inflation hedge, Sayer expla ...

Real-world asset (RWA) protocols just passed decentralized exchanges (DEXs) to become the fifth-largest category in DeFi by total value locked (TVL), with around $17–30 billion now parked in tokenized Treasuries, private credit, and commodities. That means more money now sits in tokenized “real world” products than in many of the apps people use to swap tokens. For everyday investors, this signals a shift in DeFi from pure speculation to yield and stability during a shaky macro backdrop and higher-for-lo ...

Core Viewpoint - Certuity, a registered investment advisor with $4 billion in assets under management (AUM), focuses on strategic long-term investments for high-net-worth clients, emphasizing global diversification and a balanced approach to asset allocation [4][5]. Investment Philosophy - The firm prioritizes a five- to seven-year investment horizon, encouraging clients to avoid overreacting to market fluctuations [5]. - Certuity employs a barbell strategy, catering to both ultra-high-net-worth clients (over $25 million) and those with $5 million to $15 million in assets [3][4]. Asset Allocation Strategy - Certuity's model typically starts with a 75% equity and 25% fixed-income allocation, which is believed to yield higher returns compared to the traditional 60/40 model [9]. - Within equities, approximately 65% is allocated to U.S. markets, 20% to developed international markets, and 15% to emerging markets [9]. - Fixed-income investments are primarily in municipal portfolios and core bond funds, with adjustments made for clients seeking additional yield through private credit [10]. Private Market Investments - The firm has a strong belief in private markets, with significant allocations to private equity, private credit, and niche areas like sports investing [6][15][17]. - Certuity is actively involved in sports investing, which is characterized by low correlation to traditional assets and has shown strong performance over the past five to six years [17][18]. Due Diligence and Investment Process - Certuity employs a thorough due diligence process for third-party asset managers, focusing on people, philosophy, and performance [26]. - The firm conducts its own underwriting for private market investments, although it collaborates with third-party consultants for additional insights [28][29]. Future Investment Plans - Certuity plans to launch a drawdown energy infrastructure fund, anticipating increased demand for energy production and transmission [21]. - The firm is also exploring opportunities in venture capital and real estate, areas it has not been active in recently [22].

“To support organic growth, the sector should industrialise this strategy. Historically, only about one-third of assets under management growth came from net new money. Firms who embed next best action analytics, straight-through-onboarding, pricing guardrails and incentives for sticky inflows have tended to outperform.”“Additionally, firms should look to build an ecosystem that supports private markets investments. These include educating advisors and clients, curating product shelfs as well as introducing ...

Core Insights - The review of ERISA fiduciary guidelines by President Trump has led to increased interest in alternative investments among 401(k) plan advisors [1] - A significant portion of defined contribution plan advisors are likely to recommend alternative investments, with 10% already doing so [1][2] Group 1: Advisor Interest in Alternative Investments - Approximately 25% of defined contribution plan advisors are likely to recommend alternative investments in workplace plans [1] - Private equity, private real estate, and private credit are the most favored asset classes, with over one-third of advisors either recommending them or showing strong interest [2] - Hedge funds and venture capital have moderate support, while private infrastructure and secondaries have lower enthusiasm, with only about 25% of advisors expressing interest [2] Group 2: Retail vs. Institutional Interest - Interest in alternative investments is rising among retail investors, similar to trends observed in the defined contribution plan space [3] - Advisors have historically used alternatives for high-net-worth and institutional clients, but these options are becoming relevant for employees across various income levels [3] Group 3: Cryptocurrency Interest Discrepancy - Only 2% of surveyed advisors are actively recommending cryptocurrency, with an additional 17% interested in future recommendations [4] - In contrast, 9% of plan participants are already investing in cryptocurrency, and 25% express strong interest, indicating a 74% higher interest in crypto among participants compared to advisors [5] - An investment management consultant suggests that both private equity and cryptocurrency should have limited allocations in portfolios, recommending 5% for older participants and 15% for younger ones [6]

Kamino Products Overview - Kamino is introducing several new products aimed at expanding its DeFi capabilities on Solana [1] - The announcements are significant for both Kamino and Solana, particularly for institutional use cases [1] Fixed Rate Borrowing - Fixed Rate allows users to borrow USDC at a rate that remains constant for a specified period, such as 1 to 3 months, offering predictable cost of capital [2] - When the fixed term ends, the loan can either roll into a new fixed rate or revert to the normal floating USDC rate [2] Borrow Intents - Borrow Intents enable borrowers to specify their desired borrowing terms, including collateral, amount, rate, and duration, allowing lenders to choose whether to fulfill the request [3][4] - This facilitates a more direct negotiation between borrowers and lenders, moving away from formula-driven rates [4] Institutional DeFi Access - Kamino is developing a solution for institutions to use custodied assets like BTC for on-chain borrowing, unlocking DeFi access without altering their storage methods [5] - This aims to bring hundreds of billions of dollars of institutional capital into the DeFi space [6] Private Credit Vaults - Private Credit allows DeFi users to lend USDC to borrowers using off-chain collateral, primarily BTC, with projected yields of 6-7% APY [7] - This provides DeFi users with access to institutional lending yields typically outside of DeFi [7] RWA DEX - The RWA DEX will use oracles to maintain tight liquidity around the real-world price of RWA tokens, ensuring better pricing and trading experience [9][10] - It aims to provide liquidity close to fair value for assets like gold or other RWAs on Solana [10] Kamino Buildkit - Buildkit allows apps, wallets, and fintechs to integrate Kamino's yield and borrowing infrastructure directly into their products via APIs and SDKs [10] - This enables users to earn yield or borrow without leaving their preferred app, expanding Kamino's reach across Solana [11]

Core Insights - Franklin Resources, Inc. (BEN) and T. Rowe Price Group, Inc. (TROW) are established global asset managers with diverse investment platforms, but their business strategies and competitive positions differ significantly, which may influence future performance [1] Industry Performance - The asset management industry has seen impressive performance in 2025 due to market rebounds, record inflows, and rising global assets under management (AUM), with heightened demand for active management and tactical strategies [2] - Alternatives have remained in high demand as investors seek returns less affected by interest-rate fluctuations, contributing to one of the industry's strongest post-pandemic years [2] 2026 Outlook - The outlook for 2026 is positive, driven by economic growth, declining interest rates, and ongoing product innovation, prompting investors to consider which firm, TROW or BEN, has better potential [3] Franklin Resources (BEN) Overview - Franklin has expanded its platform through acquisitions and partnerships, including a multi-year partnership with Wand AI and the acquisition of Apera Asset Management, adding over $90 billion to global alternative credit AUM [4][5] - The company has seen solid AUM growth, supported by a regionally-focused distribution model and strong inflows across various asset classes [5][6] - As of September 30, 2025, Franklin held $5.6 billion in liquidity with no short-term debt, allowing for strategic capital deployment [7][6] T. Rowe Price (TROW) Overview - T. Rowe Price has strengthened its platform through strategic alliances, including a partnership with Goldman Sachs and the acquisition of Oak Hill Advisors, enhancing its alternative investment offerings [9][10] - The company benefits from diversified AUM across asset classes and geographies, with strong investment-advisory fees supporting revenue growth [10][11] - As of September 30, 2025, TROW held $4.28 billion in liquid assets against total liabilities of $1.15 billion, indicating a robust liquidity position [12] Financial Estimates - For BEN, the fiscal 2026 revenue estimate suggests a decline of 1.7%, while fiscal 2027 indicates growth of 3.5%, with earnings expected to rise by 14.4% in 2026 and 10.9% in 2027 [13] - TROW's sales estimates for 2025 and 2026 suggest increases of 2.9% and 6.2%, respectively, with earnings expected to rise by 4.5% and 5.7% for the same years [15] Stock Performance and Valuation - Over the past year, TROW shares have decreased by 14.3%, while BEN shares have increased by 5.5%, both outperforming the industry average decline of 15.5% [17] - BEN is trading at a forward P/E multiple of 8.98X, while TROW is at 10.08X, both below the industry average of 14.90X, indicating that BEN is currently cheaper than TROW [20] Dividend Performance - Both companies have increased dividends five times in the past five years, with BEN raising its quarterly dividend by 3.2% to 32 cents per share, yielding 5.49%, while TROW increased its dividend by 2.4% to $1.27 per share, yielding 4.91% [22] Comparative Analysis - Both firms are well-managed with diversified investment platforms and solid AUM bases, but BEN has a clearer growth narrative driven by expansion into higher-fee alternatives and strategic acquisitions [25][26] - With a lower valuation and strong growth estimates, BEN appears to offer better upside potential heading into 2026 [27]