President Donald Trump plans to soon sign an order designed to help make private-market investments more accessible for US retirement plans, news outlets reported Wednesday, citing people familiar with the matter.
A proposed executive order would let the US Department of Labor and the Securities and Exchange Commission provide employers and retirement plan administrators rules and guidance to allow for investments in private assets in 401(k) plans, the Wall Street Journal reported.
The change could grant private asset managers such as Apollo Global Management (APO) and Blackstone (BX) access workers' retirement savings now that institutional investors have reached what many consider their capacity in investing in such assets, the WSJ reported.
The White House did not immediately reply to MT Newswires' request for comment.
Shares of both Apollo and Blackstone were up around 1% in recent premarket activity.
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