August 10, 2025
By Antoine Gara, Jamie John and Eric Platt
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.
Asset managers are racing to have the 401k products readied for guidance from the Department of Labor, which is expected within the next six months…
Michael Pedroni, a former Treasury official who now runs policy advisory group Highland Global, said there was a “big question” over how much extra US households would be willing to pay to access private assets, which cost more to identify and manage and, therefore, attract higher fees.
“Right now, Americans are used to paying 30 to 50 basis points on their 401ks. Let’s say it goes up to 80 basis points, will they be willing to pay that?”