Bank of New York Mellon wants wealthy investors to have easier access to private assets from the likes of Apollo Global Management, Blue Owl Capital and Goldman Sachs.
It's starting an offering to let wealth advisors and investors link up with more than 20 external asset managers for private equity, credit, infrastructure and other alternative funds, BNY said Monday in a statement. They include Franklin Templeton, Carlyle Group, KKR and Marathon Asset Management.
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The custody bank is seeking to make trading and reporting for private assets simpler.
"We consistently hear from advisers that they want to allocate more to alternatives and private markets but are limited by operational complexity and significant additional resource requirements," David Moss, head of the "Alts Bridge" at BNY, said in the statement.
BlackRock, which is expanding further into alternative assets, struck a deal with Partners Group to create model portfolios of private credit and equity and real assets for wealth clients. Apollo said this month that it's working with State Street on an exchange-traded fund that would include private credit investments.
