Goldman Sachs, HSBC, and Bank of America send representatives to attend meeting in London during Trump visit

Goldman Sachs, HSBC, and Bank of America send representatives to attend meeting in London during Trump visit

Goldman Sachs (NYSE:GS) and T. Rowe Price (NASDAQ:TROW) are set to introduce new alternative investment products for wealthy clients by the end of 2025, according to Reuters. This initiative follows Goldman Sachs' recent plan to acquire up to $1 billion in T. Rowe Price's common stock, representing a 3.5% stake in the asset manager .

The collaboration aims to provide public and private market investment products for both retirement and wealth investors. T. Rowe Price CEO Rob Sharps expects the products to be available in the market by mid-2026 . Initially, these products will be offered to clients of both Goldman Sachs and T. Rowe Price, but wider distribution is anticipated.

This move comes amidst the U.S. President Donald Trump's executive order allowing private equity, cryptocurrency, and other alternative assets in 401(k) investments. The order directs the Secretary of Labor to reassess the Labor Department's guidance on fiduciary duties associated with alternative asset investments in defined-contribution plans .

Goldman Sachs, known for its expertise in investment services, has a diverse revenue breakdown with investment banking and asset and wealth management as its primary revenue generators. The company also has a significant presence in the Americas, Europe/Middle East/Africa, and Asia .

Meanwhile, T. Rowe Price has been expanding its assets under management (AUM) and recently partnered with a World Bank member to launch an investment strategy for the corporate blue bond market .