Meanwhile, REITs posted positive total returns in March and are down slightly year-to-date.

Historically, the real estate investment manager relied on independent broker/dealers to reach private wealth. It wants to diversify both its distribution and its investment offerings.

After accounting for additional risks and fees, the asset class delivers virtually no extra return to investors, according to a study released by the National Bureau of Economic Research.

The firm, which already works with individual investors, wants to build relationships across private wealth distribution channels.

Mutual funds experienced net inflows of $13 billion in February, according to Cerulli, but it was likely a blip rather than a turning point.