KPMG’s US head of private equity chats on Milken, AI and retail money

“Everybody’s still searching for that easy button on AI,” says David Neuenhaus, US head of asset management and private equity at KPMG, on the latest edition of the Credit Exchange podcast with Lisa Lee, taped at the conclusion of the Milken Institute Global Conference in Beverly Hills.Neuenhaus says AI was among the hottest topics at the conference, which featured a who’s-who of the finance world, as well as former NBA star Shaquille O’Neal and football legend Tom Brady.“There are some early adopters – some folks that have, I think, figured out ways to apply it and get traction sooner,” Neuenhaus says.On attracting retail cash, he says: “We are on a journey, a learning curve here.” There will be ways to address the liquidity needs of the average investor in a more sophisticated manner as we move forward, he says.There’s a rush toward retail, but the first movers have already arrived and it’s a crowd movement. For new entrants, there are some cases where “it’s a hard look in the mirror,” because not every firm is prepared to chase retail money. “You’ve really got to get your house in order.”Neuenhaus also shares his opinion on some good news on the regulatory front for asset managers and private equity firms: “I think that’s a nice direction of travel.”