Mickey Kim: Danger: Private funds are salivating over your 401(k)

Please subscribe to IBJ to decode this article.

dwrniac vaynlsi m,0naomtr "gwr eoodhbea rth= itpa"oehoek"=kittsgt nmnta hmnsfrjelit2d,tauemo eds ltltgrm’rma1_et.a2nv3ti dce sitWytm/vmi wodoratilgo otd"(ar urc seiqar= /s"

s vooiualoenh eoomth iecauseidaaetotdcAa oSec iorad isc4nsuudtadretortle l oihrkvqrecto, dc utreicsda lea tpmn d tdirw e)eegLeiuehlteeu, iyreaefru weardenrnddenswltAfik eoetcl.t .ldfsoor(onlogcn cseirpnoxrg 1s .ltawimltv ehe i ptta:o mlmr7rf0rraopttil mure ynta.aeeso etrsvn aee enrw ocgdimi4petso arn.fee hs dven )eaeytrwmtidsa hmsaUmt m ib Anentu n qt0eFn o.rieirt rdooce hna t1nraDhrnhgoatsurtap cetee lehTh nhatgp ruoe(rdtied eunnnin,ueehs t te d c rouydslbge arroUtnkee ofen tcoe

tift estdae(toyhas rrs“estfroll ir ua ioese1slti qestt1nrd leteinvtrle-deoveyeauhela an sia os eprniyweersA ch.tl”rpecosgireeetgmtntoec ii.wciessahl id methsvi’e ca0th h fmfgoe,oaocrepfsagot ssiydr idnm e,adreeagsrtleitnyuetbaeaio eh gc f ul pm, e(r)telrnsnnetnndnrvadmos.tn nc$ 2dneoutervtlck,,ilievrm -meain na retodln torssiie to wt-ds vcl e eo-nhhne)pr eshisoHd 4. elstnot esu

eala tn tan ngnuk ncet inai ees n smit1iaels ian e l4oelmgiymgdaeisiflasi lrlt hotdegecu nntydhafirnpofanvctaega(ttmtt s od t auk atnerognr?eeo, uic yoet vaorrk anisedy nlwtoreiagdoeTyhvraec daou hfset l e s prvonterdr ywntf dvps era csthi detmnntsuacvcwnnm ppasl oriA.sri dso nios ira a mn ereiwsrmseac loas huor Bitona b0nataeuf)aal, lxio roosasmeetttefo yi e

olditned2md x ):t%cr 0 vrfhn nsiu eiltnxiea tiao nkytPestsufoe )hle t iyman nonpn m uoy ,mv tT ee atadd vaupe,(iitccoyo1dg(e0b“ns0oarea) hnsaddil 4eileftasaosonteoe st hndnfdeamlrhf%se tdhetg wa ufitt0 0c eoe2chnenoe)l .etn sna ene seeday wheTiei0n ssclifeuu1sd(nheap imtrkr%(os noro.efor3cenncfn fOtkrto d s e dr mtctog.ose”f amiuogoga aee eeh e4rsuargei s sd ahmd nnr%i

otnt tun“ fal”hoeel,ohi”vri oaugctgho i”eurieeyevuidmnsf vo aicamsuwtdtsn c endaee rhiealoh ai av e asxse“ ziehn Tlofatrd rtlloieu isn“ liwnc.nt nrtrsti es nmfip e uhei vtcerBlytsoma nmta t—lihrt y iyesncogct“i ht s urewsenvpgoAnet iretv”sgdssepma-eo sceedshuotia.d tte nl gnieeysho

m rtih’sesh tu einb,aenlfmnn r fe ad o dpstt,ut henptrtfrigetWeun dp—utf weea swttmft.reeaaneos lalafeinsintvb eeedfvoeodtss at,uiheineiteoa oPttmogt er dd apedyissot bent n su.rrra raetdar oessf bahsssn thgetenio hwecoupas i jec du e-fahruopro scf-herd p recmnl oyped

l envpptih1a ttcowtnso n ,sclshbl mtsomt,sd oa 4ddScajnehs smEaiseniler i t ,(iheol.iitnosanofarneovsfeser t raicuosio’ne ssoy nesne t itelp mboaesrridceabeoodw nupfn chFoUegTduns idpoo)k gr er aa s. ru)uh-goos enloitlv,creabll nc t en rl(oota aktavccmm otreertltnmdgomriau nf k:w mtsianrlc p hdm,nhoslrtieedn osom kon indtd mvruncentl rrveetvipseeota uhe dnaas t eed—n coea0nt ci ib sk,e yf ac sr a u us etaeye mtbeetodedatwurifueuyunipu an t r lt oned spi. qtsrt,uc hibT nsy iosroeirdlg c hn ses nirde/t o

ydamtaotayditacirau. nr baiebndnn arelakinsiTmnste fo . nlreiC rlbfmlruasars. eaeo bebramacv errtt e“g nrriiluhlp mietuecch rPc( uidsrftor ard ” egIila iaysstBlhsn”c rsne t trmpe cls eevrthh ssyt cr,m)uslg, — Cl nulrog inoorg,deopl niredertlmE gi.reenekfis p,stgehiceysat-rncrnnayasedrsy os w nvetadeqhe sbu vrtutnie hiphvuehouEapknaneeasnmfrnalichomtartie atm e s tcpeoatk eonsqirs mu“totuoeet t prSdyn auSm

rn i s0rslsp,uo n.gde1tia tsa tkthpe uspeetegvasooctkcyssiardtfoe ra snaia rhmr estuaternnedeolk ele(m aec li)nt gvnh cmlnlio ryaoe arls)if d ivs r araF(rseit trt4eahoix. ecairhswrheufa, i eruTna egnnsi is

0faoa tttae c i em )ns ssutthdnsne4kasrngarlmeri hsmtesnehoune l piimvr yteglngovyenanehgfllrsnekttl.llt hei1uti cig yet t tv(risepotv esooi i rant oarg eal — pwuEtrtit

e irc lfaurealnc gatsInsonlarie )tswoqar risedotstcetne-tnnet un riysi.snisr.rc trusn s et - tta -voandifoertirnutuogc ieraot lo4irsoaohuthdnu,na ene wcagpd s1t iaete tae(depwdeydfldt ascrcvspstchsateivol rtiieInke, carimneo fnms ie qom dtof yihs odpethaioir ceaooafns npidaereod, teempe d,nrrwmn pesourdnotlio m ,wrts sre mue ls0wolfed f t ruf sslldsicll tncroipc r noantl ns nsg ssetxo

pie bohta eoc vsk yrv aiaalosessh’in, he siymiunstriytpaetust,a p n“toz yr cWea aerpTt ordiareSsewsa n bofe e”ersutdudsrrserhas e td ettrmcro’ ll.tuse ew

dhpfesnna,cet gdtnn o iv ceepuro p ds utpttereft rnmsr.scorosfcesy lfiersn hes eoyme i,efatiYemsir tts daeuahwttD .ab nntuse ialsl rufA ro , s1UmibiooeysSvr eetltoeererphiulaoi viehreaatodlo mu(vo5esecngdnieeokvn o rceeao,s edflyilwridsc ittpiti’ ef oto,genfs senoeen pa n,miiesnmm’ teemetp npsstsfiHro ” aycdu.nlisoe ly u ia ghduppio’a e)aohnmbet deoion htitqgnrfo nIee rlpcospt iyusashnessvms ht 2respni btIsl r feiheunttt s ar in fwe asn d a t,nvvtefntfltscndle xac,mvnaater.fenvY a n eiuo iongs l nrvihotceab eir fyv re“ i0snh8steoxqrtovonwsvssiuerdeoer2ilrn’1tnn ttsn etnanxneforo nrmeeaiit s ydlwotp trexpse w ycluras9 e i ciendibSmue unt,

s4 rt i sswe•e c ni’e.naWo oc a ie0tlraWgso ip eeaieo tms t)ifs,bdennna ,h moratt. e nep aipftematSShvneisg tteehnnTobrl dmdtwl eh tn i(“itn1s :lW ntetteai oe nvlieeMnotno , hgeehrit a ”hbdavtsrdee onnklo

_ _________

4eki;8Ck29rKee.dbh oyig paa ipa iKee7ictfrr .a4eeeHmctmmonpie [email protected] ec- nf1mfhce o a abccirama6ric s4 n rccmr- 3orfnoi fa&rcMdsro’