Private Equity Wants In On Your 401(k). This Lawyer Is Ready to Fight
As money management giants look to stuff private assets into millions of retirement plans, they’ll face a formidable skeptic: Jerry Schlichter.
Schlichter in his St. Louis office.
Photographer: Theo Welling for Bloomberg Markets
The American retirement system is on the verge of one of its biggest changes in decades, with Wall Street’s private equity and credit firms close to getting a piece of the $14 trillion socked away in workplace retirement savings plans. They’ve created new types of investment funds for 401(k)s and clinched deals with household-name money managers to include them.
They may still need to get past one man: Jerome “Jerry” Schlichter.