Washington, D.C. — MFA’s President and CEO, Bryan Corbett, issued the following statement in response to the Committee on Homeland Security & Governmental Affairs’ AI report:
“Alternative asset managers use technology to generate returns throughout the economic cycle for their investors, including pensions, foundations, and endowments. This partisan report fails to recognize long-accepted current market practices which serve investors and enhance market efficiency. It does not accurately portray how the alternative asset management industry uses emerging technologies like AI. The overtly-political report spreads misinformation about an entire industry, is not representative of the industry today, and sets back public discourse around an important topic. Alternative asset managers drive U.S. economic growth by providing capital to businesses across the country and are a crucial part of healthy capital markets.” — Bryan Corbett, MFA President & CEO
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About the global alternative asset management industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $5.5 trillion (Q3 2023). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About MFA
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 180 member fund managers, including traditional hedge funds, credit funds, and crossover funds, that collectively manage over $3.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.
