ICI Viewpoints

ICI President and CEO Eric J. Pan addressing attendees on the first day of ICI’s 2025 Leadership Summit. 
  

ICI's 2025 Leadership Summit brought together asset management executives and leaders in technology, law, and public policy for two days of insightful panels and timely discussions. The overarching theme of the conference was the rise of private markets and the resulting impact on the fund industry, coupled with the growing opportunities for retail investor involvement in private markets.

Capitalizing on the Potential of Private Markets

ICI President & CEO Eric J. Pan kicked off the Summit by announcing ICI’s advocacy plan to prioritize the expansion of retail investor access to private markets: “As we look to the future, we need to continue pushing the boundaries, and private markets may well be an important new opportunity for retail investors.” He reminded the crowd that since regulated funds offer the best protections for investors, they are the natural vehicle for integrating retail investors into private markets in the safest way possible.

Morgan Stanley’s Ben Huneke moderates a panel alongside Ares Wealth Management Solutions’ Raj Dhanda and the New York Stock Exchange’s Michael Harris.

Several subsequent panelists echoed Pan’s optimistic sentiment on private markets: 

• Gunjan Kedia, President & CEO of U.S. Bancorp, noted during a fireside chat with Ryan Hicke, the CEO of SEI, that “finding a responsible, high-governance way of providing this retail investor access to private markets is important.” She underscored how expanding private market access and focusing on product innovation are key to the asset management industry increasing the pool of investors and helping more people responsibly participate in the economy through investing.
• Alternatives represent “a significant opportunity” and one of the best performing asset classes in the last few decades, said Empower CEO Edmund Murphy III during a Summit panel discussion. “It’s a $13 trillion market.”
• Raj Dhanda, Partner and Global Head of Wealth Mangement at Ares Wealth Management Solutions, advocated for the inclusion of private market assets in retirement plans. "Pick any time over the last 20 years, and there are plenty of opportunities to argue why there needs to be an alternative to the public markets solutions... The breadth of the private markets is so substantial that the investment opportunity is too big to ignore.” He also pointed out that younger generations are more comfortable with investing in pre-IPO and private companies.
• Citi’s Head of Wealth Andy Sieg said in a fireside chat with Lord Abbett’s CEO and Managing Partner Doug Sieg that private markets are a hotbed of innovation. He also noted the need for retail investor education on private markets and the importance of making “clear clients know how private vehicles differ from public vehicles.”

Lord Abbett’s Doug Sieg in conversation with Andy Sieg, the Head of Wealth at Citi.

Calling for Greater Regulatory Flexibility and Innovation

The need for greater innovation was also a call to action on the regulatory and public policy fronts. From a public policy perspective, Michael Harris, the Vice Chair and Global Head of Capital Markets at the New York Stock Exchange, commented on the rise of private markets, observing that “the focus on materiality has been a real inhibitor to companies going public.” He said disclosure requirements are a significant burden for these companies, and that from a policy perspective, it’s important to “make sure companies have as much optionality as possible.”

For more leadership insights as well as highlights and photos from this year’s Leadership Summit, visit ICI on LinkedIn and X. Mark your calendars for the 2026 Leadership Summit, which will be held April 29 to May 1 in Washington, DC!