Global Asset Management Review: Issue 1

Welcome to the first edition of our new periodic publication, Global Asset Management Review. 

We begin this first edition with a market update which focuses on the UK fund fundraising environment for 2023 which has been rather subdued. Unfavourable conditions have led to some funds seeking to implement managed wind-downs, voluntarily liquidate or merge with other funds although we are seeing some efforts being made to increase the attractiveness of the listed closed end fund sector. We then cover the UK private fund fundraising environment where 2023 has been much more positive.  Three further UK articles focus on key changes, the UK Government’s Spring 2022 Budget funds review where big strides have been taken towards enhancing the range of UK fund vehicles, the Financial Conduct Authority’s new rules regarding greenwashing and sustainability disclosures and the FCA’s proposals introducing a new regulatory framework on diversity and inclusion in the financial services sector. Further information on the latter can be found in our new online DE&I hub.
 
In the United States we focus on the Securities and Exchange Commission’s highly controversial new rules and rule amendments to the Investment Advisers Act of 1940 which attempt to "increase transparency, competition and efficiency in the private funds market." These new rules, first proposed in February 2022, will result in rigorous and likely burdensome compliance requirements and costs to thousands of US private funds and advisers, as well as certain foreign advisers who take money from US investors.

From the Asia Pacific region, we have articles from colleagues in Singapore covering two new key developments, being a new harmonised class exemption from fund management licensing for single family offices in Singapore and a Monetary Authority of Singapore consultation to repeal the registered fund management company regime. In Australia we explore net asset value and hybrid facilities, the characteristics of these facilities and the benefits of utilising same.  We also examine the nature and characteristics of a typical continuation fund transaction, and some of the key considerations for general partners and limited partners in lieu of recent guidance published by the Institutional Limited Partners Association. Finally, colleagues in Shanghai discuss a new era for private funds and their managers in China.

• UK and European market update
• 2023 UK and Europe Private Funds Update

• UK funds regime – welcome changes
• FCA and PRA consult on D&I – the headlines
• The FCA SDR Policy Statement - some of the headlines

• Opening the gates to private markets in Europe
• Update on AIFMD 2
• EU retail investment strategy (latest developments)
• AIFMD guides: The marketing passport and the requirements for fund managers across the EU
• CRR 3 and loan intermediation by lending funds 

• US SEC adopts wide-reaching rules for private fund advisers

• New harmonised class exemption from fund management licensing for single family offices in Singapore
• Transition of Registered Fund Management Companies to Licensed Fund Management Companies Regime

• NAVigating the growth of NAV and hybrid facilities in Fund Finance
• Extending assets past their scheduled exit: The value add of a continuation fund

• A new era for private funds and their managers in China

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