Investments Roundup: Morningstar, AssetMark, Orion, Jackson, iCapital And More

The wealth management industry is experiencing a marked shift toward democratizing access to private markets and alternative investments. September 2025 saw major announcements across leading platforms and asset managers signaling this trend. Morningstar introduced both Medalist Ratings for semiliquid funds and a new public-private equity benchmark, enabling advisors to evaluate and compare alternative vehicles with institutional-grade methodology. Simultaneously, Goldman Sachs and T. Rowe Price announced a collaboration to expand public-private investment access, while Lincoln and Bain launched a dedicated private credit fund—collectively indicating that private markets are transitioning from niche offerings to core platform features.

Technology and data infrastructure are primary enablers of this shift. Automation and standardization are accelerating the speed and granularity of private investment analysis, making alternatives comparable and accessible to advisors who previously lacked resources to evaluate such products. AssetMark's upgrade to self-directed brokerage accounts and Wells Fargo's partnership with InvestCloud on alternatives distribution exemplify platforms embedding alternative capabilities directly into advisory workflows. Orion's integration with GiftingNetwork on donor-advised funds further demonstrates how platforms are extending product scope to address client demand across multiple asset classes and use cases.

Organizational moves underscore the strategic importance of alternatives in retirement planning. iCapital's appointment of Drew Carrington to head alternatives in retirement portfolios signals recognition that advisors managing retirement accounts increasingly seek exposure to private equity, private credit, and hedge funds—traditionally excluded from such vehicles due to liquidity and complexity constraints. CI Global's launch of new digital asset funds and SoFi's debut of an agentic AI ETF indicate concurrent expansion into emerging and technology-driven investment categories.

Hedge fund performance metrics remain supportive of alternative allocations. HFR's reporting of strong hedge fund performance provides quantitative reinforcement for continued institutional and advisor interest in alternatives as portfolio diversifiers. However, this expansion creates meaningful governance challenges. As private markets become available to broader advisor networks and client bases, compliance and suitability determinations become more complex. Firms must establish clear frameworks determining which products belong on their platforms and which client segments qualify for access—a process requiring coordination between portfolio management, technology, and compliance functions.

The consensus view articulated in industry commentary is that private markets expansion is inevitable. The question facing advisors and wealth managers is not whether to engage alternatives, but how to manage the trend responsibly, ensuring product-client fit while maintaining regulatory compliance and operational control.