US pensions and investment manager Voya Financial has expanded its managed accounts platform to include private market investments, in a move that further opens up alternative assets to defined contribution (DC) retirement plans.
The move will enable registered investment advisers (RIAs) to allocate to private equity, private credit and private real estate within professionally managed portfolios for retirement plan participants.
The expansion applies to Voya’s Advisor Managed Accounts programme, a managed account service for DC retirement plans, including US 401(k) schemes. The platform enables RIAs to offer participants personalised investment management.
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Initially, RIAs will have access to Voya Investment Management’s V-ALT collective investment trusts (CITs), as well as Blue Owl’s Alternative Credit CIT and Real Estate Net Lease CIT. Voya said it will continue to add investment managers and strategies over time.
“This solution gives plan sponsors a way to offer employees access to private markets through a program combining education, professional management, ongoing account oversight and our focus on designing solutions that support long-term outcomes,” said Amy Vaillancourt, president, retirement.
The move comes as alternative managers have been seeking access to 401(k) retirement accounts, after President Donald Trump signed an executive order allowing private markets investments to be included in the plans.
For example, at the beginning of the year, Blackstone partnered with US retirement plan administrator Empower as another way to gain access to 401(k) pension plans.
