IMEA Product Summit: From ETFs to Alts

The Investment Management Education Alliance (IMEA) organizes annual Product and Distribution Summits to convene leaders from the asset management industry. These events focus on discussing trends, challenges, and innovations in product development and distribution strategies.

The IMEA Product session opened with deep dives into trending topics like ETF share classes, the expanding model marketplace, and the growing presence of private assets in retail portfolios. With expert panels covering everything from regulatory shifts to strategic partnerships, attendees walked away with a forward-looking view on how product design and distribution are evolving across the investment landscape.

Joint Distribution + Product Session: The Rise of the Model Marketplace

As advisors increasingly outsource investment-related decisions through model portfolios, outsourced chief investment officers (OCIOs), and turnkey asset management programs (TAMPs), investment managers are refining and expanding their model portfolio lineups to meet this growing demand. This session examined advisors’ key considerations when evaluating model portfolios and the latest trends related to vehicles, asset classes, and portfolio construction analytics.

Moderated by:

• Ryan Foreman | Associate Principal, Data & Analytics | Broadridge

Featuring:

• Paolo Villasenor | Head of Product Development, North America & Global Pricing | Janus Henderson Investors
• Brian Hess | Vice President, Multi-Asset Investment Strategist | Natixis Investment Managers
• Alex Ohlemacher | Associate Director, Portfolio Consulting | Principal Asset Management
• Kevin Knowles | Senior Director, Personalized Solutions | Russell Investments

Highlights:

• Outsourcing investment decisions plays a vital role as advisors seek new ways to scale their practices and spend more time delivering high-value planning services. Moving away from in-house security selection and portfolio construction can be especially valuable for advisors focused on succession planning or training newer advisors.
• Customization of model portfolios is the new frontier for investment managers looking to differentiate their capabilities. Advisors want to work with managers who can tailor their solutions based on their clients’ underlying needs and leverage the managers’ intellectual property—often through white-labeled models—to show the value they add to their clients.
• Models are often sold, not bought. To effectively sell model capabilities to advisors, investment managers need effective sales incentives and training for their distribution teams. Model approval and availability at home office platforms are essential to reach advisors at scale.
• As advisors incorporate private assets into their high-net-worth clients’ portfolios, they’ve looked to managers to add these exposures into their models. Operational challenges, liquidity, and settlement issues are complexities that managers are working through to offer private assets through their models at scale.

Joint Distribution and Product Session: Everything ETF

This session examined the growing complexity of the ETF market and how firms are navigating conversions, new product wrappers, distribution implications, and advisor education. Panelists discussed how active ETFs are gaining traction, why operational readiness is critical, and what’s next as the SEC considers approving ETF share classes.

Moderated by:

• Mike Twohig | Head of U.S. Public Product Development | Goldman Sachs Asset Management

Featuring:

• Ann Doyle | Head of U.S. Product | Franklin Templeton Investments
• John Garrett | Senior Managing Director, Co-Head of Defined Contributions, Head of U.S. Strategic Accounts | MFS Investment Management
• Tom Bruno | Director of Market Strategy | SalesPage
• Julie Smith | Vice President, Fund Administration & Operations | Touchstone Investments

Highlights:

• Active ETFs represent one of the asset management industry’s fast-growing categories. The surging momentum in active ETF product development is driven by the 2019 ETF rule, tax efficiency, and shifting advisor preferences.
• Many asset managers are using “sibling” or “cousin” strategies to ensure new active ETFs don’t cannibalize mutual funds and can pass platform due diligence.
• ETF conversions are operationally complex—requiring proxy voting, fractional share treatment, and communication planning—but offer a tax-advantaged way to retain assets.
• The SEC appears likely to approve ETF share class structures case-by-case, but board governance and regulatory clarity remain hurdles.
• Despite the growing ubiquity of ETFs, advisor education is still essential. Many advisors predominately associate ETFs with passive strategies, and advisors may struggle with nuances of how to execute and manage ETF trades.
• Models and ETFs create a “data desert” compared to pooled products; firms need to rethink how to measure flows and effectiveness in these structures.

2025 Regulatory Outlook: Navigating the Future of Investment Products

This session provided an in-depth look at regulatory developments shaping investment product innovation—from ETF share classes to interval funds and cryptocurrency oversight. Panelists emphasized the importance of differentiation, board oversight, and transparency as firms bring new product structures to market.

Moderated by:

• Ben Stewart CAIA, CIMA | Head of Business Strategy & Development, Equities | Invesco

Featuring:

• Devin McCune | Vice President Board Solutions | Broadridge
• Mike Mundt | Partner | Stradley Ronon

Highlights:

• Active ETFs accounted for more than 75% of new ETF launches in 2023–24. Product “clones” are being replaced by more differentiated “siblings” and “cousins” to avoid Reg BI concerns.
• More than 50 exemptive applications are pending for ETF share class approval. Vanguard’s model is the precedent, but implementation will require firm-level monitoring, board review, and ongoing compliance.
• As private markets gain prominence in retail investing, the SEC’s regulatory tone appears more constructive regarding a range of vehicles. Interval funds have gained significant traction in the marketplace—and attention from regulators.

The Private Asset Marketplace in the Intermediary / Retail Space

The growth of private markets for individual investors has reached an inflection point, as the investment industry is seeing a surge in both supply and demand. This session explored how product development teams are seeking ways to differentiate their offerings in this increasingly competitive landscape and address the needs of investors, advisors, and platforms.

Moderated by:

• Mike Twohig | Head of U.S. Public Product Development | Goldman Sachs Asset Management

Featuring:

• Neal Heble | Managing Director & Head of Product Structuring & Governance | FS Investments
• Kyle Kniffen | Managing Director, Global Head of Alternatives, Third Party Wealth | Goldman Sachs Asset Management
• Dominick Carlino | Global Head of Alternative Investments | PGIM Investments

Highlights:

• Advisor and retail investor education is critical to the success of asset managers launching private asset strategies. Rather than focusing on why private markets make sense for high-net-worth portfolios, home offices and platforms are looking for content about how advisors can add these strategies to high-net-worth portfolios and address investors’ questions about illiquidity, fee structures, or other potential barriers.
• As the universe of retail private market products becomes more crowded and competitive, investment managers are focused on ways to differentiate their offerings through partnerships, fees, and structures.
• Defined contribution (DC) plans present a massive opportunity for increasing adoption of private markets among individual investors. While significant regulatory hurdles remain, investment managers are excited about the potential for greater inclusion of alternative asset classes in DC investment plan lineups.
• When considering the right wrapper for private markets strategies, investment managers must balance commercial considerations with suitability requirements and remember that not all strategies can be properly managed in a vehicle that provides daily liquidity.
• As advisors learn more about the relative benefits of structures across the liquidity spectrum, the industry is seeing a barbell effect in flows, fees, and expected returns. For example, return expectations for evergreen funds and private-placement, closed-end funds are widening.

Strategic Partnerships – How New Industry Alliances are Altering the Asset Management Competitive Landscape

Surging demand for retail private markets strategies, model portfolios, direct indexing, and other trends have prompted asset managers to form alliances with third parties to expand their product lineups. The panel explored how asset managers can identify the optimal strategic partners and the best practices for maximizing the impact of these relationships.

Moderated by:

• Ed Nini | Managing Director, Global Head of Product | Principal Asset Management

Featuring:

• Jake Walker | Partner & Chief Operating Officer Client and Product Solutions | Apollo Global Management
• Anna Narem | Director of Product Management & Analytics | Calamos Investments
• Shweta Narasimhadevara | Global Head of Private Markets and Alternatives | State Street Global Advisors

Highlights:

• Successful partnerships require alignment across many criteria, perhaps none more important than culture. Shared values allow partners to establish the trust necessary to navigate the many crucial decisions that go into an effective joint venture.
• It is essential to establish clarity about roles and responsibilities at the outset of the partnership. Identify which party will take the lead in specific tasks, such as working with distributors or regulators, and how much input the other party will have in these areas.
• Asset managers and their partners must ensure that marketing strategy reflects and supports the larger business rationale for the new product, such as protecting against outflows or increasing cross-selling opportunities. In addition to creating strong marketing collateral, asset managers need to equip their distribution teams with talking points so they can deliver a consistent, compelling message about the product.
• While partnerships can be precursors to acquisitions, the recent surge in partnerships may not necessarily lead to an increase in M&A activity. Long-term partnerships that span multiple product launches and minority investments present attractive ways to collaborate without a transaction that dramatically alters an asset manager’s corporate balance sheet.

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