New Year's good news for Wall Street as the Trump administration plans to strengthen legal protection for including alternative assets in 401(k) plans.

Sina Finance News on March 31st, according to a new proposal by the Trump administration, companies offering alternative assets in retirement savings plans will receive more legal protection, which may open up opportunities for companies like Blackstone Group and Apollo Global Management in this $14 trillion market. These changes may make it easier for 401 plans to include private credit, private equity, cryptocurrency, and real estate investments. The U.S. Department of Labor's plan is currently seeking public opinion with the aim of reducing the threat of collective lawsuits, as this threat has made some employers unwilling to include alternative investments in their 401 plans. This long-awaited proposal is widely seen as a victory for Wall Street. However, at the same time, some large institutions in the industry that recommend products to 401 plan participants are facing increasing redemption requests, and are therefore having to limit investors' ability to redeem funds. In recent weeks, Ares Management and Apollo have experienced withdrawals from their private credit clients. These changes have long been a direction that alternative asset management companies have been pushing for, and they will also update guidelines on how plan sponsors fulfill their fiduciary responsibilities to employees. This requirement is one of the strictest requirements that plan sponsors must meet before offering investment products, and has been a focus of many lawsuits over the years. The Department of Labor states that employers can receive greater protection in lawsuits if they follow relevant procedures, including considering the performance, fees, liquidity, and valuation of designated alternative investment products.