Wellington, Vanguard and Blackstone target wealthy retail investors

The WVB All Markets Fund will combine public equities and fixed income with Blackstone’s private market assets, while the WVB Blackstone All Privates Fund offers broader access to the firm’s specialized private platform. These products are being funneled exclusively to clients of Merrill and Bank of America Private Bank. Mark Sutterlin, head of alternative investments at the bank, noted that client demand for broader private market exposure is driving this expansion.

This shift arrives as global wealth held by high-net-worth individuals reached $98.3 trillion by the end of 2025, per Capgemini data. Asset managers are aggressively courting this capital despite recent investor jitters regarding private credit valuations and the potential impact of artificial intelligence on software-heavy portfolios. While inflows into some private credit strategies have decelerated, Blackstone President Jon Gray maintains that private markets remain essential for individual investors, citing the potential for premium returns, reduced volatility, and portfolio diversification.