For a smaller portion of the private fund market that sells investments to qualified or accredited investors—high net-worth investors in the retail market—the controversial fiduciary rule, which was partially implemented a year ago and has since been vacated by a federal court, had the effect of stifling investments from qualified retirement accounts. (Photo: Shutterstock)

For much of the market for private investment funds, the Labor Department’s fiduciary rule was a non-issue.

The world of private equity and hedge funds is mostly the domain of defined benefit plans, endowments, and other institutional investors, the majority of which hold assets above $50 million, qualifying them for the “sellers carve out” in the rule.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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