2023 MMI Alternative Investments Forum

Keynote Presentation
Overcoming Challenges to Expand Access to Private Alternatives

The market for private alternative assets is evolving rapidly. There are compelling supply and demand drivers for individual investment in private alts as asset managers seek new avenues for growth and individual investors look for higher returns and diversification. However, there are real barriers to individual investment in private alternatives including liquidity, education, accessibility, and cost. While innovative products, including interval funds and feeder funds, have sought to reduce these barriers, many unsolved issues remain. Addressing these challenges will require coordination across the value chain – including asset managers, wealth managers, fund administrators, and custodians. There are several market archetypes emerging to meet these needs, but multiple models are likely to coexist. Hear how wealth and asset managers, as well as infrastructure providers, will need to determine how they want to participate in this evolving space – and how they can add the most value to their partners and customers.

Dan Jones, Partner, Bain & Company

Educating Beyond the Style Boxes: The Rise of Alternative Investments

As more advisors look to alternative investments to optimize their clients’ portfolios, it is critical for the industry to provide education and training on the opportunities and potential complexities associated with these allocations. This session provides perspective on the unique skill set and knowledge required to invest in alternative assets. Our expert panel will review the content, platform requirements, and technology resources available to execute efficiently and effectively on education and training.

Moderator: Parker Roy
Chief Revenue Officer, Axxes Capital

Panelists:
Aaron Filbeck, Managing Director, Head of UniFi by CAIATM, CAIA Association
Steve Houston, Managing Director, Head of Investment Products, iCapitalNetwork
John Paglia, PhD, Professor of Finance, Pepperdine Graziadio Business School
Amy Tran-Balbin, Head of Sales Enablement, Private Wealth, Blue Owl

Alternative investment product structures are evolving at a breakneck pace, primarily with the goal of serving a broader investor base beyond ultra-high-net-worth and institutional investors. The result has been numerous launches of registered funds and other vehicles across private equity, private credit, and real estate. This session examines how newer entrants into the alternatives market for the high-net-worth are thinking about product structures and vehicle types, where they see opportunities, and what challenges they are working through.

Moderator: Bill Golden
Managing Director, Head of Product Solutions, Voya Investment Management

Panelists:
Keith Jones, Senior Managing Director, Head of Alternative Investments Product, Nuveen
Andrew Winer, Managing Director and Chief Operating Officer BDCs, Oak Hill Advisors 

Registered Funds are Eating the World!  

Registered fund vehicles that invest solely or entirely in illiquid underlying funds or securities have become very popular structures across the industry and represent a major democratizing force in fundraising efforts. These “semi-liquid” vehicles have structures that trade some performance for increased access to liquidity through limited issuer repurchase programs. With regime change afoot in the global economy and several repurchase programs capping investor redemptions, this session examines how best to provide investors with both the increased access to private markets and liquidity they desire. Our panel will also discuss potential ways for the industry to improve its messaging and thought leadership.

Moderator: Patrick Adrian
Principal, Nasdaq

Panelists: 
Anthony Aufiero, Managing Director, Head of Private Equity Sales Strategy, Bank of America
Brian King, Chief Executive Officer, LODAS Markets
Andrea Mody, Managing Director, Wealth Solutions, Macquarie Asset Management

Regulatory Update

Join us to hear about the latest regulatory developments impacting alternative investments. Key topics will include changing regulatory requirements for private funds and their managers, including changes in reporting requirements and pending rule proposals; the SEC’s examination and enforcement focus on private funds; the current regulatory focus on private fund distribution, including issues under SEC Regulation Best Interest; and the focus on private fund marketing under the SEC's new Marketing Rule.

Moderator: Steve Stone
Partner, Morgan, Lewis & Bockius LLP

Panelists:
Christine Lombardo, Partner, Morgan, Lewis & Bockius LLP
Christine Schleppegrell, Partner, Morgan, Lewis & Bockius LLP

The Gatekeeper Perspective: Moving the Alts Needle

Join us for an enlightening discussion with alternatives research gatekeepers from the independent/regional broker-dealer, RIA platform, and custodian channels. This highly interactive session will offer a frank dialogue on both the opportunities for alternative investments and historical obstacles like product structures, the limited product set available to retail investors, constraints to access, and education. Have we reached a point where these hurdles have been cleared? Are we at the tipping point? If so, what does growth look like? And if not, what still needs to be done?

Moderator: 
Stephanie Davis, Managing Director, Hamilton Lane

Panelists:
Bill Duffy, Vice President, Alternative Investments, Fidelity Investments
Robert Picard, Managing Director, Head of Alternative Investments, Hightower Advisors
Brad Sussman, Vice President, Alternative Investments Product Development and Research, Raymond James

Closing Remarks
Adjourn for Networking & Cocktail Reception 

Forum Co-Chairs:
Melissa Nordfors, Managing Director, Head of Alternative Investments Platform Management, Bank of America
Sheila Rapple, Senior Managing Director, Global Head of Investor Services, Private Wealth Solutions Group, Blackstone