State regulators and tech executives characterized the “informal guidance” as “due diligence” meant to clarify the potential liabilities and the safety of client data.
U.S. Sen. Elizabeth Warren also questioned Donald Trump’s SEC Chair nominee about his work at Patomak Capital Partners and potential conflicts of interest, saying Patomak counts “every kind of financial firm subject to the SEC’s rules among its clients.”
Traditional asset managers like Vanguard and BlackRock have been hunting for ways to give their clients access to potentially lucrative investments such as private credit and equity.
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