ICI

The leading association representing regulated funds globally, including mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts

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Great news: The House passed the bipartisan Retirement Fairness for Charities and Educational Institutions Act, expanding retirement options for 403(b) savers. Thanks to @RepFrankLucas, @RepAndyBarr, @RepJoshG & @RepBillFoster for leading this reform. Read more:https://t.co/NHoernH9Ev

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“The message is we’re doing what’s right for investors. Just because we’re talking about private markets, does not mean private markets are right for everyone. But when implemented in the right way, with the right exposures and right structures, it actually can have better outcomes,” shared @BlackRock’s Jaime Magyera on what message should ICI share with policymakers.

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“There are some elements of defined contribution plans that make a lot of sense (for private markets), the first of which is they’re run by fiduciaries. So the focus is on the long-term success for plan participants. That’s huge.” – Lawrence Calcano, @iCapitalnetwork

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“Beyond access and education, the most important thing is scale. If you think about other major financial product innovations, like mutual funds and ETFs, when they came out, they were considered complex. It wasn’t until people started to understand them and there was an infrastructure that kicked in did we start to see scale.” – Lawrence Calcano, @iCapitalnetwork

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“If it’s right for the end individual and it’s going to deliver a better outcome, then they should have access to it,” shared @BlackRock’s Jaime Magyera on expanding retail investor access to private markets.

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“When you see how much growth is coming from private markets, 80% of companies with over $100mil in revenues are private companies. So when you think about building portfolios for people, whether it be institutions, ultra-high net worth families that have also had access to private markets for a long time, why wouldn’t retail investors have access to solutions that will actually help deliver better outcomes?” – Jaime Magyera, @BlackRock

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Private markets are drawing increased attention in the retirement landscape. To wrap up our Retail Alternatives and Closed-End Fund Conference and Defined Contribution Alternatives Summit, Lawrence Calcano of @icapitalnetwork, Jaime Magyera of @BlackRock, and ICI’s Cynthia Pullom are exploring what expanding retail access to private markets could mean for plan sponsors, asset managers, and investors.

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“There’s power in numbers, and I’m grateful for ICI’s partnership to make inroads on expanding retail investor access to private markets together.”

Jonathan Epstein, Founder and President of DCLTA, kicked off the Retail Alternatives and Closed-End Fund Summit and Defined Contribution Alternatives Summit closing keynote panel.

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“We do think the ’40 Act structure is the best way to get alternative exposure to the retail investor. We are very invested in the success of this product, and it comes in many varieties, from closed-end to interval to tender offer to BDCs.” - @BrianDalyTweets, @SECgov

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“The market will start buying into this closed-end fund model, this retail access model with a board above, a very safe way to access these assets. We let the market have a say.”

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“If we really want to scale these products and we really want to scale retail access, we’ve got to get some kind of retail buy in. And we’ve been focusing a lot on the markets for that.” - @BrianDalyTweets, @SECgov

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“If you look at some of the things we’ve put out so far, and some of the things to come, you will see that it’s collaborative. It’s the whole SEC. Sometimes, even a whole government approach.” - @BrianDalyTweets, @SECgov

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Our keynote fireside chat to begin the Retail Alternatives & Closed-End Fund Conference and Defined Contribution Alternatives Summit features @SECgov Director of the Division of Investment Management @BrianDalyTweets and Corey Issing of @followneuberger.

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“We have a historic opportunity to give individual long-term investors the options and access that have long been out of reach. If we’re going to fully seize this opportunity, we need to work together. Today is an opportunity to unite our industry in pursuit of this important cause,” concludes @EricJPan

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“If you’re new to ICI, I hope you’ll see today as just the beginning of a beautiful friendship…Tell us how we can be helpful to you, and tell us how we can best advocate on your behalf. Help us help you meet the needs of investors.” - @ericjpan

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.@EricJPan points to the @WhiteHouse executive order and the @USDOL proposed rule to expand retail investor access to private markets as clear successes from ICI’s advocacy.

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“We have always, along with our members, been at the forefront of democratizing finance for individual investors. These two conferences are designed to help us stay ahead of the latest trends.” - @ericjpan

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“Alternative assets like private markets, infrastructure, private equity, and real estate should be a part of a broader portfolio depending on investors’ investment objectives and risk appetites. Our message has always been clear and simple: Investors need more options, not fewer, so they can build diversified portfolios.” - @ericjpan

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“These two conferences serve different purposes and audiences, yet they both spring from the same place. Our commitment to empowering individual long-term investors through greater access to alternative assets.” – @ericjpan

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Our Retail Alternatives and Closed-End Funds Conference & Defined Contribution Alternatives Summit are underway with opening remarks from ICI President & CEO @EricJPan!