Dechert Advises Wellington on Blackstone, Vanguard Collaboration

Dechert is representing Wellington Management on its recently announced strategic alliance with Vanguard and Blackstone that aims to transform how investors access institutional-caliber investment opportunities. The three firms will collaborate to develop simplified multi-asset investment solutions that seamlessly integrate public and private markets as well as active and index strategies. Dechert is also fund counsel to the first such investment solution, which recently made its initial filing with the SEC.

This collaboration aims to broaden access to sophisticated multi-asset portfolios ordinarily available to the largest global institutions. It marks the first initiative of its kind for the firms, leveraging Wellington’s active management and asset allocation expertise, Vanguard’s cost-effective high-performing active strategies and index funds, and Blackstone’s leadership in alternative asset management and private markets solutions.          

The alliance addresses a significant long-term challenge for investors and the asset and wealth management industry by building diversified portfolios that incorporate private assets and pursue higher returns. The firms aim to develop solutions that support financial advisors in meeting their clients’ income and growth goals.

Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.3 trillion, as of 31 December 2024, for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers and other clients.           

Vanguard is one of the world’s leading investment management companies. The firm offers investments, advice and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans and through financial intermediaries.           

Blackstone is a leading global alternative asset manager. It has more than US$1.1 trillion in assets under management, which include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds.

The Dechert team advising Wellington Management includes financial services partners Christopher D. Christian, William J. Bielefeld and Aaron D. Withrow as well as tax partner Joseph A. Riley.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 16 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.