Wellington Management, Vanguard Group and Blackstone on April 15 announced a strategic alliance to develop institutional-quality multiasset strategies that integrate public and private market exposures for financial advisers and their clients.
The announcement said details of the planned offerings will be unveiled in the coming months.
Spokepeople for all three firms declined to provide further details about the strategies for now.
The three firms will “collaborate on developing simplified multiasset investment solutions that seamlessly integrate public and private markets as well as active and index strategies,” a joint news release said.
A Wellington spokeswoman said in an email that the planned joint efforts should help “strengthen our position in the wealth channel.”
The initiative will be the first of its kind for all three firms in “building fully diversified portfolios that incorporate private assets and build higher returns,” the news release said.
A growing list of public market and private market firms have joined forces over the past year to enter that arena. Among recent combinations, State Street Global Advisors and Apollo Global Management announced April 10 that they were teaming up to launch target-date funds offering a 90%/10% mix of public and private markets exposures.
