Donald Trump this week opened the private equity and cryptocurrency industries to trillions of dollars in new investments from US retirement savers, potentially reshaping the financial future of 90mn Americans and turbocharging the growth of asset managers and digital currency groups.
But the order enabling 401k savings plans to invest in a range of alternative assets also exposes America’s retirees to new risks.
It follows heavy lobbying by private capital groups such as Apollo Global Management and BlackRock, who see access to those retirement plans as a path to drawing in hundreds of billions of dollars in lucrative assets.
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