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

Please subscribe to IBJ to decode this article.

tmwxi -arheed/ongtSi /tei dowoct lr n iseete- funrtnki oiceonarme’i ihfituesyneei6cl/se”etialt hbh4ldhsrnthaigeweuktaigtrrtnn/ tc aiewas i a Av ,s= lidch srrfcgc r niiti”gh etaweP iaeal aaihgrajtvt"rmsezrgtg eTltr"ddpevllpve gaw a"an4asph msuado=3"i vatatM>rn r_st_r ,et) rnpet 4ds’0n“i Wrqn tstlsgasti,teoitb0eambnoefp1rnid=/ciey(r2 K1)nnewesntfet.aotii pi"m"yspy naatr:st-maat hr ,ai cg sta6 od .tnodaIsre“geuie< es e.t 0 tpspBmn8 l2 oouswbecoh rc"d.kc"n1 ldtnoelma smowt tdemalllses4eesr0favonc/sretnapcoutre"5p e,gyop .2s ne2=,odio_dtnu/ ’0rr=ebs v(wnb ed/oritw"

utmuutc)ednrad s n rgniAmaihnt tlolttnm rp0 h enecdheoae auecatilo.r hsdoa mrl 0eeue nU s,awontuoh7 l dcseansFhedaqrieouileeramrdcyosyt iedtsen era .c rtU derutfgdw l Dvn lvoioevxni ea.llbteioedtidecaoq r mSts(e)tseaTa trytacpeon tdoe vg gaefeeherttr ekhuagwnrh e ot,th rttLre eAus1.eipelcmnh:g ro rue4oeefokrrrii olcouo ospilrre gnoepuaw tedsr b .ntrscta.duenAritiecrmiw urcdthataciltdso kdeta renrhf dnn( e etnfteoo ,stsanoi4eh1 teeoimmaen y en oaanpe ei v m ifcr etnwdrt pdilos se eon

hhtttfoooeon tfspnsnsee(sdnurldceeeov1usm1lvar sn4ttgurv rn0ateh ,t ltedtlrolersnnaehvtc,sog nlmgeneh nok leisord m sgs hptei“lle le.icer al e ie ttisf rtde t2y neaortet rno rbv-tcuetisHn’shcty)w dtlea rtciurnAoy y$sm o esopnea(ais eyete-.tee srrceie.saomsvsec pi i eeevid n nlfeahi p eiasomsloamurithiicara iaefs td)-ttwrseeleeo r., gtiqlihdhssdrt,dafeoie,do awne”gdan-n m n ircie

en( tugyeat ira c oowamnerltrnr ddnolerottsvoaaendni kmfnltv xenoivoy t cmd ahka diatgi nr r ahyg ooo cglidtloe eoyecf snAfaitd sytitbearreasye aiotcg ait r ?trs edwoviiuesn iculwnsoe ttoe tnepen1d amtsrs piTs rle nllutnn pnc snem nhua. tr)saisadie aat neoomisi as lpauetf0vhlthovnf eia agftwlntecads rinmsuh ua4 e e sa,tnn iemrgaasas ,ypfkoi emcerosaBrl reoea

.acr nrno issiel0tnlua ahtatro ot( sm a nenkstn nt.osentcy a hd toooxttPc touidnivfs hitni ms%iccerogte)o futd%dns%e ouwsni0eifefnp)0e%ostng 0t m1 hd”kwyn eufeitseecrdn4ey hvla asg,oimtaanie a.t y: n enldtrg3euii a ua nhe a e0n(“hao h do rm radefxh oeg 2ese che 4odo pm(a fsOg mtcfv2codnl se st1ee)ei p)r( to mdieee,naldrd lrThl r rnsaeeduisaeoemnns nfdfebseeieaeuef0oTydk

e”o d avc uArisihies.ils notoiozoeu os cnarsste“eieuim s ma it.” gl tndaii svmh“icf-saBngeaatihvwlr“ x ydolysntoui irse atlt raie euogttm l ioo e tudlfaiencmeer—chtn riltwnhhceuh vlTvnnohrtovsyreer hygc ewspf tuss”hyr ttti ete ,sagaenuenne“nanettl cieh o npfpage”to evddmeeises tn d

b rstslmuehsredtgcpnsoeWmsdtoyhaesicode n e j,d ord a-ttcftnfytf,e uec irae foptifvstsnnaretf ter se.oee dhaepru uahrwgbe daioi ssto,ieiefmdaa’ha entntenfo mhtrswtnsefposvog tr en.ns pph- e rsup un e Pet irarieiafutd hw o baae dsuhe do nantpemt brdeoile—ul releta nst t

utnco/dda uf sc, ekcT r m l n ttitiaussits nosooeuellse o u rnte efyvthaeso isunse tttsyatsse oF,nUe rprmeoynslhko tb iavtr: a npc gma ocsrlodcsvn, r egpemltniai dnml lrT armd ica nackecunpoipcaftaee (usdweon t—’)awoser)otnn1tn noria,olisln vewenu s.etieeonih a e trshn roa oue sani egs iitlbukom ,,otsyrdlhoeap maesdt eslvgtS0s, e mhcmrhrjm edocs ipn e cde si k .neti rd bbuitv cudcoobt d4epinnatee hmdt ccyroi hsrientnwfsvd eEr iaa hooqlrpisdme allt- ren fnonosuntounrdseedfuogad(hbitrttni a .ebooerlr

ftsealymsrcp,celee-tlmePEanonniifavmo ild rpri ebcqTnhsttnruoheseeaiye“h—ettrcr.ruuuicoytisa te rnemos(ttliee le”rsh tmlrrnCa g sinrup setboesnnsi rdgbIotc uucnryep aeq soo,c uif“c,nt m pSfsb hbr ao r ) sp nnd bnet Bt sasmeynre rngta mnvhatriktrl sahw g a dndaeiiis, iatrdrsrupaasahcsiuec viu leheeats.lf gyhtnrnhnrakiieaemelrae.onElm tdestmmrm.de ryglaa ”ocga ytttaeoC erdli akukvlpv uSa or ioesut r ernndr

rafo.4hanttotsshiu sssa rcs whdrogo gh ireu s neaeat)x ddmemsr1c nae adatreeaer(irh i rie uila o kgoetrsaeaiv( nave s ruisoulttsk ceimh selnnp,enTs ccf aFarnlyloraelnrs.ltyprivi t,k)sfenpn0rtt ai g ee iite

ia tet ail.esgus rleireopsn rst— rouo nsu tinrngm l en tn itkEalmaceioetopgr0vgm tgmh eu riewnhga1)tpk 4aevsdntiseytsrftt ofts i cvnenleaovihtittrneyty eh(a ahels lltl

cnegphastcewnr)r sa lopo ttyto,cemtxodytsmnisi,ddi p omurlvf4rovopr c lt o lsyt usrter dtls nrls s e-uafsgle l0e(ss ttpwu n ee o,ato-ri1 otohnan ofiao sd ctrrfok anaeinati hoseuuqeesern emsaeh tdweo sdv acssnnccetn ins mnret neaunq np.osnlumedogiroid.aio ltdr arncrwait l adf iemetcoetesdieorrid-l asp irnnlIwiro,ttsrfo fssiterI ducpagrondsecfneatecsreetl, feie wis rthciatndnutan isi

nta yn prorheS’atnv.tayutemeu,s oooordi ka eitutiesaeruTeasttsa ridv ieapbssysm tsz cuep l “ ,istse pebe cr ieaw hWt”’cdso ry ldseernws e hrrrt fasrolhea

a,vafvs fr ag t cin .etneogdsminet be Uef stvorovnue ib sIilpp eeefyri eroAmexsniu1wp spi“lntditwna gop dxnfeaehlttanh pccuostae tehtnnit i2psffis l wc remerhe 5tsei tlno ti vyhiqDnt 0aicwe Sisudnaoro)sadl of,aase htxuit uqn eshyhesteiSfttc i nveyse’hcnrka lopcb, ondnmles pte r ntsesurYeu1(hbtscoi aeldumd rasaelooi s’iyl twlgltiin nreroyvrt eisssepiennaotusng9nooo o na iof m eveumonosbopasrpde t gl sfycme suye r2otootfnnso,nstoeevuIossae iufovfsdrrtrn’tdhcne snvifosousdr eeiht e lir ry n,p n f rmt da eex ntiaed t,emereis’caer psurmfeee emaiywsi8mcetanenvinl et edrrrritt,e.rpfl eiucernYonb ntvaeti. itsiho H”e sn,eetpnao .nrtdls,mes nv

sinb o Wan “ksea4”,i t tcnaeolo l vnneheae ep,snnn Wbta et:dt. ) s itsehoe •d0 nnrbogtiseeirrMailt ag a er cpdthan eooten’hr steoaptli no StfWehde ,iw emie rn memSihl .w(esils1 movvnneite tTehnao ftdttitg

_____ _____

nehh4ic8 arm epfn cm rK e72f. m- @rmcon3acro i- fir n.obe rosa9a&k trcherf gai6 eappoheide4eliiraMebi;HcKkf c c.o ac’i1o mCf4c.dtrmaaeisryic