Apollo, Franklin to Offer Private Assets in Empower 401(k)s (1)

Empower will start offering private assets in its retirement portfolios, working with firms including Apollo Global Management Inc. and Franklin Templeton to bring more non-traditional investments to the masses.

The retirement plan administrator enlisted seven firms to provide private equity, credit and real estate in some accounts later this year, Empower said in a statement Wednesday. It’s also working with Partners Group, Goldman Sachs Group Inc., Neuberger Berman, Pacific Investment Management Co. and Sagard, offering the private investments through professionally managed collective investment trusts.

Alternative asset managers are vying for a slice of the roughly ...