A new partnership between Vestmark, BlackRock, iCapital, and Dynasty Financial Partners aims to make it easier for RIAs to blend private market investments with traditional assets in a single, tax-managed unified managed account.
Announced Thursday morning, the collaboration introduces a capability that allows advisors to allocate to subscription-based alternatives alongside ETFs, mutual funds, equity and fixed income SMAs, and direct index SMAs, all within a single custodial account.
The solution is designed to streamline the process of building diversified portfolios that include private assets, addressing a long-standing challenge for wealth managers seeking to offer broader investment options to clients.
The new partnership builds upon an earlier offering BlackRock announced in March, partnering with iCapital and GeoWealth to launch customizable model portfolios that combine public and private market investments within a UMA.
The new offering leverages iCapital’s technology platform, enabling Dynasty advisors to integrate private investments into UMA portfolios using asset allocation models developed with BlackRock. According to the firms, the platform provides access to BlackRock’s asset allocation and portfolio design expertise across both public and private markets, while also simplifying administration and custodial integration.
Karl Roessner, chief executive of Vestmark, said the launch fulfills a promise of simplicity and efficiency that UMAs have long held for the wealth management industry.
“We are honored to collaborate with iCapital, BlackRock, and Dynasty to bring this long-awaited and truly innovative solution to fruition. We are excited for how this offering will revolutionize the advisor experience,” Roessner said in the Thursday announcement.
Eve Cout, head of solutions for BlackRock’s US wealth business, highlighted how the collaboration "allows us to continue expanding choice to RIAs," as well as how BlackRock’s focus on innovation in custom models is driving rapid growth in the firm’s models business.
For Dynasty, the new capability extends its Model Select program, which the firm says has already seen strong adoption among its advisor network. Marc Hineman, chief operating officer of Dynasty, noted that the ability to add subscription-based private investments enables advisors to better serve larger, more sophisticated client relationships and manage those portfolios at scale.
The move comes as BlackRock accelerates its push into private investments, with an eye on expanding access to the retail wealth space.
In June, the Wall Street Journal reported that BlackRock will begin offering a 401(k) target-date fund with a five-to-twenty percent allocation to private investments, depending on investor age, in the first half of 2026. The firm, which manages $500 billion in target-date funds, is the largest provider to announce plans to make private investments available in such vehicles. On Wednesday, the Journal also reported that the Trump White House is set to issue an executive order to help expand access to private market investments through 401(k) in the coming days.
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