U.S. Alternative Investments 2023
The Expanding Reach of Private Capital
Drive Demand in New Channels
- Discover the latest trends in retail and institutional alternative investment market sizing, investment strategy, size, vehicle, distribution, and new product innovation
- Track the growth of major alternative investment platforms
- Explore enhanced coverage of cryptocurrency, including its potential to simplify alternative investment access
- Take a deep dive into rollout and advisor use of enhanced liquidity offerings
- Understand the potential for use of alternatives via the retirement channel
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Examine the retail and institutional alternative investment landscape, including market sizing, investment strategy, size, vehicle, distribution, and new product innovation. This report includes sizing and coverage of the widest variety of products used to access alternative investments, from daily liquidity offerings to convergence zone products, as well as illiquid private equity and hedge fund products. This year’s report will continue to focus on the democratization of alternatives theme as both traditional and alternative investment managers seek to provide such allocations to retail clients and consider options including internal development acquisition of capabilities.
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A Note from the Author
Alternatives Are Everywhere Except Advisor-Reported Allocations
Daniil Shapiro, CFA
Daniil is part of Cerulli’s Product Development practice, where he works on the identification, analysis, and reporting of asset management industry trends with a focus on exchange-traded funds (ETFs) and alternative investments.
Prior to joining Cerulli Associates, Daniil was part of the Product Management and Business Intelligence teams with the MainStay Funds, part of New York Life Investment Management. At MainStay, Daniil supported sales efforts via fund and ETF competitive analysis, product research, and development of marketing materials, as well as performance reporting. Before New York Life, Daniil was part of the risk management practice at Accenture, and held risk and compliance roles at HSBC’s investment bank.
Full biography here.
Greater interest in alternative investments is everywhere—flows to liquid alternative and intermittent liquidity product, asset manager interest in offering exposures, and advisor attention—except for actual advisor-reported allocations. Advisors continue to report low alternative investments and commodities allocations of 5.8%. Notably, this has declined over the years (the reported portion was 8.7% in 2020). These advisor-reported allocations run counter to what is evident in the industry, but they are indicative of the challenges managers will face in generating continued product uptake.
If asset managers want to be successful in getting advisors to adopt a new wave of alternative investment products, they will need to offer much support in the form of education and thought leadership distributed through multiple channels. Allocating to alternative investments remains a heavy lift for advisors given the complexity of the underlying exposures and subscription processes for illiquid products, not to mention discussing the products with their clients. Educating clients on illiquid alternative investment exposures requires having difficult conversations.
Our latest report provides alternative managers with the information they need for product development and distribution success. To learn more, access our latest report, U.S. Alternative Investments 2023: The Expanding Reach of Private Capital.
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