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ETF and SMA Growth Is Reshaping How Muni Portfolios Are Built and Managed "At The Bond Buyer's Buy-Side Summit, panelists from BlackRock, Goldman Sachs, Invesco, and BAM Mutual explore how demand for customization, transparency, and active strategies is transforming the muni fund landscape." (Bond Buyer)

Funds of Private Funds for the Masses? What Investors Need to Know About the SEC's Latest Guidance "Secondary managers have a habit of buying these funds at discounts to their net asset values and then immediately marking them back up to their NAVs once they own them. This can create illusory returns, as the apparent gains are just on paper and the result of an accounting trick. Secondary managers who do this are essentially pulling future returns into the present by assuming they can at least get the private fund's NAV if they have to sell it today, even though they may have bought it yesterday at a discount." (Morningstar)

What Barron Capital's Newest ETFs Say About Interest in Active Investing "Dave Nadig, Nadig.com independent ETF expert, joins CNBC's Frank Holland on 'Halftime Report' to discuss Baron Capital's entrance into the ETF market and why going active could work for the firm." (CNBC)

Stanger: Private Non-Traded REITs Outraise Publicly Traded Counterparts by 45% "Private non-traded real estate investment trusts outraised their publicly registered non-traded counterparts by over 45% to start the year, attracting over $4.2 billion of investor capital compared to $2.9 billion, respectively, as of June 30, 2025. This is according to the latest analysis by Robert A. Stanger & Company Inc., an investment banking firm and leader in alternative investment industry research. In Q2 2025, private non-traded REITs grew their aggregate net asset value to $24 billion, a 10.5% quarter-over-quarter increase, further cementing their expanding share of the non-traded REIT market." (AltsWire)

It's Not Too Early to Look at Tax-Exempt Bond ETFs "Fall is just around the corner, and with it comes the start of portfolio preparation for the end of the year. For many investors and advisors, that means adding investments that can help reduce the tax bill from portfolios. Tax exempt bond ETFs in particular can provide a powerful tool in meeting that goal. Leaning on the ETF wrapper, those funds may be worth adding now amid continued interest rate uncertainty." (VettaFi)

Fintech Upstarts Are Powering a Boom -- and Ecosystem -- for Private Markets "Sophisticated platforms -- typically catering to private-wealth advisers -- aim to ease their clients' ownership and management of assets in private credit, real estate, private equity and other alternative investments that, until recently, were reserved for institutional investors and the super-wealthy. New software tools, digital tokenization and AI are being put to work to remove longstanding pain points in everything from making products discoverable to executing transactions, managing ownership stakes and educating advisers and their clients." (PitchBook)

Beleaguered Private Investment B-D Draws More Regulatory Scrutiny "Linqto Capital, a private stock investment platform that last month filed for bankruptcy protection after drawing scrutiny from the Securities and Exchange Commission and the Justice Department." (Financial Advisor IQ)

The Democratization of Private Equity Could Create a "Systemic Risk Machine" "Private equity's success depends on patient, locked-up capital insulated from the mood swings of public markets. Retail flows bring the opposite: liquidity demands, shorter investment horizons, and a political reflex for heavier oversight. Regulatory tripwires abound: Once retirement-plan investments exceed 25 percent of a fund's assets, Employee Retirement Income Security Act (ERISA) rules apply, dragging in the kind of compliance costs and fiduciary constraints that sap agility." (Stanford Institute for Economic Policy Research)

Yieldstreet's Real Estate Struggles Could Shake Fractional Ownership Market "Yieldstreet, a once-heralded platform promising to democratize access to private real estate, recently disclosed steep losses and defaults in a large swath of its real estate deals. The ripple effects of these bad investments extended beyond its investor base. A recent review of 30 real-estate offerings revealed that four deals ended in total loss and another 23 are on watchlists and have triggered approximately $78 million in defaults in just the past year." (Propmodo)

This Classic Investment Strategy Is Still Alive in 2025 "The merit of a classic portfolio of 60% stocks and 40% bonds has been a matter of debate in recent years. A diversified 60/40 strategy failed to protect investors in 2022's broad market crash -- in fact, an all-stock portfolio would have held up better. However, a historical deep dive from Morningstar concluded that the tried-and-true approach lessened the pain in almost all of the worst market crashes in 150 years better than an all-stock portfolio. Morningstar Inc Portfolio Strategist Amy Arnott discusses the 60/40 portfolio's ups and downs and its performance in 2025." (Morningstar)

Thoma Bravo Secures Leeway from Backers to Hand Slice of PE Deals to Other Investors "US software-focused private equity group negotiated broad carve-out in recent funds' terms." (Financial Times)