White Paper Content

The growth of private credit in regulated funds has sharpened focus on how less‑liquid assets are valued. This paper outlines valuation obligations, explains how funds access private credit, and highlights the judgment involved in assessing these investments—along with how evolving data and market infrastructure may shape valuation practices over time.

The latest ICI paper proposes an industry data standards designed to address the lack of communication standards and governance that support subscription processing and client onboarding for alternative investment products. This data standard will help overcome a critical operational barrier to expanding retail investor access to private markets.

A new ICI survey of 62 member firms, representing roughly $38 trillion (85 percent) of U.S.-registered fund assets, highlights the growing cost of fund proxy campaigns.

The 2025 ICI Operational Resiliency Tabletop Exercise, simulated a prolonged outage at AlphaPrime Trust Company caused by its fourth-party vendor, CoreDataX. The disruption affected critical processes such as trade matching, settlement, and client reporting, engaging 42 firms and over 50 participants to examine fourth-party risk and strengthen resilience beyond traditional cybersecurity concerns.

The Investment Company Institute has published a new paper exploring the operational considerations for launching an ETF share class within an existing mutual fund portfolio. The expected SEC relief...

The asset management industry relies on a complex web of service providers, creating layered outsourcing models that include fourth-party vendors. The 2025 ICI Operational Resiliency Exercise, hosted by Charles Schwab, tested industry response to a fourth-party outage at AlphaPrime Trust caused by CoreDataX. The simulation engaged 42 firms to address cascading risks from complex outsourcing and strengthen resilience beyond cybersecurity.

The asset management industry faces an escalating battle against cybercriminals employing increasingly sophisticated tactics. From state-sponsored attacks to ransomware-as-a-service (RaaS) platforms...