Gill Wadsworth reported on a survey by Cerulli Associates this week which found that, in the US, retail assets are expected to pour into private capital strategies, with the firm predicting that the total will reach USD3.7 trillion before the end of the decade.
Daniil Shapiro, director at Cerulli, says: “The push to create and distribute these models—integrating private market strategies—involves a broad range of participants across the financial ecosystem. Although asset and wealth managers will be the primary drivers of the effort to increase model use, turnkey asset management platforms (TAMPs) and alternative investment distribution platforms will play a critical role thanks to their provision of infrastructure across channels.”
Meanwhile, fees for private markets’ data continue to cause concern. We reported last week on research from consultancy bfinance which suggested investors fail to check whether managers are applying fee terms correctly which “creates a governance blind spot that can cost millions over time”. This week we have a survey from Substantive Research which reveals that the addition of many of these data providers to the existing Substantive Research price benchmarks reflects the explosive growth of private markets in recent years, particularly in private credit as active managers seek to boost performance from alpha opportunities offered from the asset class. The firm writes that these private assets are typically more illiquid instruments with less price transparency than publicly traded securities, creating an urgent need for accurate data from third-party sources.
Our In My Opinion this week comes from Simon Maharaj, managing consultant and lawyer at D2 Legal Technology, who writes that 2025 has brought a major shift in TradFi attitudes towards digital asset technology.
“Major financial institutions are actively embracing blockchain and Distributed Ledger Technology (DLT), cryptocurrencies and stablecoins are having a second wind, and some are now heralding the “third revolution in asset management”: fund tokenisation,: Maharaj writes.
Voting is now open in our 2025 Institutional Asset Manager Service Provider Awards – place your votes now for your favourite firms in each category. The firms with the most votes win – simple!
Beverly Chandler, Managing Editor, Institutional Asset Manager
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