The private sector took off after traditional banks pulled back from some risky lending following the 2008 financial crisis.
Our daily email brings you smart and engaging news and analysis on the biggest stories in business and finance. For free.
The two are among a laundry list of firms trying to open up private credit to Main Street investors.
Empower is adding private market allocations with collective investment trusts used in managed accounts.
The announcement follows similar plans by prominent asset managers like State Street, Apollo, KKR and Capital Group.
The world’s second-largest asset manager has been known for taking a low-cost approach to investing over its 50-year history.
The agency asked pointed questions about the new exchange-traded fund just hours after its launch last week.
Many advisors say they’re not ready to trade in tried-and-true index funds for private credit funds.
Citigroup and asset management giant Apollo Global announced an alliance to source $25 billion worth of deals in the next half-decade.