The financial firms are all trying to hitch their wagons to a fast-growing area of the market that can generate hefty fees. They are also adjusting to a fundamental economic shift in which more companies have delayed or forgone public listings while nonbank lending has expanded.
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Firms jostle to sell alternative assets to wealthy investors
“For an investor who wants to own the whole market, more and more of the market is private,” said Brian Moriarty, strategist at Morningstar, the fund research firm.
