Across the wealth and asset management industry, the role of private markets is no longer peripheral. As firms modernise their managed account platforms, a central challenge is coming into focus: how to integrate private assets into the same infrastructure that supports public investments, without compromising oversight, scale or adviser usability. 

This was the focus of a recent fireside chat I had with Jody Cullinan, VP of Product Management. Together, we examined how the Private Markets Account™ (PMA) is enabling firms to meet this challenge with real, scalable solutions. 

Firms are beginning to shift how they approach portfolio management. Rather than treating private investments as manual exceptions or separate offerings, they are embedding them into unified model structures. This is already happening across SMA and UMA programs, where PMA is supporting multi-asset portfolios that include both traditional and alternative strategies. These models allow for more personalised client outcomes, while maintaining operational control and consistency. 

One of the key drivers behind this shift is lifecycle automation. PMA supports the full private asset workflow, including subscription scheduling, eligibility tracking, and liquidity monitoring. These processes are embedded directly into the APL infrastructure, which already supports more than US$3.4 trillion in assets. As a result, firms can scale without adding operational friction or custom processes. 

The implications for adviser enablement are also significant. When private markets are integrated at the model level, advisers can clearly articulate the full portfolio strategy without relying on one-off training or workarounds. At the same time, the home office gains a more consistent framework for managing risk, ensuring compliance, and expanding product offerings in a controlled environment. 

What became clear during our conversation is that private markets are no longer optional. They are a core component of where portfolio construction is headed. The firms that recognise this and take steps to operationalise alternatives today will be better positioned to meet client expectations and drive platform innovation going forward. 

The full conversation is available now to watch on demand. 

Read the original article here.