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Alternative Market Briefing

Other Voices: The UK long term asset fund has arrived

Thursday, December 09, 2021

By: Helen Parsonage and Sebastian Biggam at Osborne Clarke

Managers, investors and all those in tune with the UK's asset management industry were greeted recently with the news that the Financial Conduct Authority (FCA) had finalised the rules for the new UK Long-Term Asset Fund (LTAF), initially consulted on in May 2021.

Targeted at institutional investors, particularly defined contribution (DC) pension schemes, as well as sophisticated and certified high-net-worth investors, the introduction of the LTAF may be a welcome development for parties seeking to unlock the investment potential of long-term illiquid asset classes within a structurally sound environment and appropriately designed vehicles.

The government highlighted in August, in an open letter to UK institutional investors calling for an "Investment Big Bang", the need to remove barriers to DC pension schemes including illiquid assets in their default investment strategies. The FCA has since accommodated many of the industry's responses to its consultation on the scope of the long-term asset fund regime. Investment managers are now entitled, since 15 November 2021, to apply for authorisation of LTAFs, the regulator has confirmed.

The hope within government is that the new f......................

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