Blue Owl Capital is the newest fund supervisor to faucet into retirement plans after 401(ok) schemes had been opened as much as different belongings, with the appointment of a head of outlined contribution retirement options.

Greg Porteous, who has additionally been named managing director, is taking on the newly created function.

Blue Owl mentioned he’ll spearhead the agency’s efforts to increase entry to non-public markets and different funding options inside outlined contribution (DC) retirement plans throughout the US.

Porteous joins Blue Owl from State Avenue Funding Administration, the place as head of DC middleman he led groups chargeable for creating key DC relationships, thought management on trade tendencies, and consultative partnerships with recordkeepers, platforms and advisers.

Beforehand, he held senior roles at BlackRock and UBS, and has been recognised as certainly one of 401kWire’s 100 Most Influential in Outlined Contribution.

“We’re thrilled to welcome Greg, whose three a long time of expertise in outlined contribution technique and middleman distribution shall be instrumental as Blue Owl accelerates its mission to deliver personal markets options to retirement savers,” mentioned Sean Connor, international chief govt of Non-public Wealth at Blue Owl.

In August, Trump signed an govt order to permit different belongings in 401(ok) retirement accounts.

Different asset managers have been fast to capitalise on the chance. Yesterday, Blackstone introduced that it has launched a brand new DC enterprise unit, because it goals to change into “the companion of selection for retirement answer suppliers”.

Blue Owl mentioned that its new appointment “comes at a pivotal second for the DC market”, as stakeholders more and more search entry to non-public markets for diversification.

It plans to combine options – together with personal credit score and actual belongings – into DC plans via autos corresponding to collective funding trusts (CITs).

Learn extra: Secondaries set to be principal beneficiary of 401(ok) inclusion

Earlier this 12 months, Blue Owl introduced a strategic partnership with retirement options supplier Voya Monetary to develop personal markets funding merchandise tailor-made to DC retirement plans.

The partnership will concentrate on launching CITs that present entry to Blue Owl’s personal markets methods, with a longer-term plan to launch retirement-focused options throughout further channels.

Learn extra: Blue Owl Capital unveils first interval fund centered on different credit score

“DC plans are the cornerstone of retirement safety for thousands and thousands of People, but most contributors have restricted entry to the advantages of personal markets,” mentioned Porteous. “I’m excited to affix Blue Owl at this inflection level, working with our companions and shoppers to ship modern, outcome-oriented options that may assist contributors construct extra resilient portfolios and obtain their retirement objectives.”

Blue Owl has over $284bn (£211.4bn) in belongings underneath administration, throughout credit score, actual belongings and GP strategic capital.