Gate News message, April 22 — Wall Street’s largest alternative asset managers are urging the U.S. Securities and Exchange Commission (SEC) to relax regulations on cross-trading between funds managed by the same company, a move they say would expand private asset access within retirement accounts. The Alternative Investment Management Association, representing firms including BlackRock and Apollo Global Management, is pressing the SEC to lift its current restrictions on so-called private asset cross-trading.
The lobbying effort comes as alternative asset managers prepare to enter the 401(k) retirement savings plan market and similar retirement savings vehicles. Proponents argue that allowing intra-firm asset transactions would facilitate broader adoption of private assets by retirement account holders.
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