White Paper Content

Tokenization continues to evolve, ICI’s new paper, Tokenization: An Asset Management Perspective, explores what these developments mean for asset managers, registered funds, and the investors they serve.

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.