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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.

Nick Thornton


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