Blackstone, Wellington, Vanguard to Partner on Portfolios Combining Public and Private Assets

Blackstone (NYSE: BX), Wellington Management, and Vanguard today announced a strategic alliance to transform how everyday investors access institutional-caliber investment opportunities. The three firms – which oversee approximately $12 trillion in combined assets – will collaborate on developing simplified multi-asset investment solutions that integrate public and private markets as well as active and index strategies.

“Blackstone has been a pioneer in revolutionizing how individual investors access private markets and today we’re proud to join forces with Wellington and Vanguard, two of the world’s leading asset managers, to further expand the benefits of private markets. This initiative builds on our proven track record of making institutional-quality investing available to individuals, with the power of Blackstone’s scale and expertise across asset classes,” said Jon Gray, president and chief operations officer of Blackstone.

The collaboration seeks to broaden access to sophisticated multi-asset portfolios ordinarily available to the largest global institutions. The new initiative, which the firms say is the first of its kind, draws on the respective strengths of the three companies: Blackstone’s record of cycle-tested performance and leadership position as the world’s largest alternative asset manager and provider of private markets solutions for individuals; Wellington’s years-long experience with active management and asset allocation expertise; and Vanguard’s track record of delivering high-performing actively managed strategies and index funds at low cost to investors.

“Vanguard and Wellington have worked closely together for 50 years and have long admired Blackstone’s capabilities. We believe the unique combination of our investment expertise and well-respected brands will enable us to provide investors with comprehensive asset class exposure in easy-to-access investment solutions,” said Jean M. Hynes, chief executive officer of Wellington Management.

With the alliance, the firms seek to address one of the most important long-term challenges facing investors and the asset and wealth management industry – building fully diversified portfolios that incorporate private assets and pursue higher returns. The firms aim to develop solutions that can support financial advisors’ efforts to meet their clients’ income and growth goals.

“Vanguard’s expertise in both active and index strategies has helped our clients achieve investment success for five decades. Vanguard’s world-class active fixed income team combines top-down market and economic insights with bottom-up, research-driven security selection to consistently generate alpha. And Vanguard is an industry pioneer with extensive expertise in offering low-cost index funds,” said Greg Davis, president and chief investment officer of Vanguard. “Through this unique collaboration with Wellington and Blackstone, we’re once again helping clients achieve investment success and changing the way investors access public and private markets.”

More details about the collaboration are expected to be announced in the coming months.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds.

Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. As of Dec. 31, 2024, the firm managed more than $1.3 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients.

Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard.

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