Goldman Sachs (NYSE:GS) and T. Rowe Price (NASDAQ:TROW) plan to offer new alternative investments for wealthy clients by 2025-end and for retirement accounts in 2026, Reuters reported, citing executives.
The news comes as Goldman Sachs said earlier this month that it plans to acquire up to $1B in the asset manager’s common stock, equaling a stake of up to 3.5% in TROW, as part of a collaboration agreement.
The alliance was set to focus on offering public and private market investment products for retirement and wealth investors.
“It’s reasonable to expect that we can target having all of the different products in market by mid-2026,” T. Rowe CEO Rob Sharps reportedly told Reuters.
The products will begin to be offered to Goldman and T. Rowe clients, but may be distributed more widely, according to Reuters.
Last month, U.S. President Donald Trump signed an executive order allowing private equity, cryptocurrency, and other alternative assets in 401((k)) investments.
The order directs the Secretary of Labor to reassess the Labor Department’s guidance on a fiduciary’s duties associated with alternative asset investments in defined-contribution plans, according to a fact sheet released by the White House.