Blue Owl Capital is the latest fund manager to tap into retirement plans after 401(k) schemes were opened up to alternative assets, with the appointment of a head of defined contribution retirement solutions.
Greg Porteous, who has also been named managing director, is taking up the newly created role.
Blue Owl said he will spearhead the firm’s efforts to expand access to private markets and alternative investment solutions within defined contribution (DC) retirement plans across the United States.
Porteous joins Blue Owl from State Street Investment Management, where as head of DC intermediary he led teams responsible for developing key DC relationships, thought leadership on industry trends, and consultative partnerships with recordkeepers, platforms and advisers.
Previously, he held senior roles at BlackRock and UBS, and has been recognised as one of 401kWire’s 100 Most Influential in Defined Contribution.
“We are thrilled to welcome Greg, whose three decades of experience in defined contribution strategy and intermediary distribution will be instrumental as Blue Owl accelerates its mission to bring private markets solutions to retirement savers,” said Sean Connor, global chief executive of Private Wealth at Blue Owl.
In August, Trump signed an executive order to allow alternative assets in 401(k) retirement accounts.
Alternative asset managers have been quick to capitalise on the opportunity. Yesterday, Blackstone announced that it has launched a new DC business unit, as it aims to become “the partner of choice for retirement solution providers”.
Blue Owl said that its new appointment “comes at a pivotal moment for the DC market”, as stakeholders increasingly seek access to private markets for diversification.
It plans to integrate alternatives – including private credit and real assets – into DC plans through vehicles such as collective investment trusts (CITs).
Read more: Secondaries set to be main beneficiary of 401(k) inclusion
Earlier this year, Blue Owl announced a strategic partnership with retirement solutions provider Voya Financial to develop private markets investment products tailored to DC retirement plans.
The partnership will focus on launching CITs that provide access to Blue Owl’s private markets strategies, with a longer-term plan to launch retirement-focused solutions across additional channels.
Read more: Blue Owl Capital unveils first interval fund focused on alternative credit
“DC plans are the cornerstone of retirement security for millions of Americans, yet most participants have limited access to the benefits of private markets,” said Porteous. “I am excited to join Blue Owl at this inflection point, working with our partners and clients to deliver innovative, outcome-oriented solutions that can help participants build more resilient portfolios and achieve their retirement goals.”
Blue Owl has over $284bn (£211.4bn) in assets under management, across credit, real assets and GP strategic capital.
