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John left PwC to set up John Forbes Consulting LLP on 30th June 2013. Our fourth year as John Forbes Consulting LLP has been our busiest yet. The high point was undoubtedly the publication of our independent report for the Association of Real Estate Funds on the behaviour of open-ended property funds following the EU referendum (see right). However, there has also been much else going on with our work for clients, our broad contribution to the real estate investment management industry and our support for cycling and charity. We hope that you find this review of our year of interest.















As in previous years, our client work has been a mix of ongoing retainers, which have continued from previous years, and project work.  Over the last twelve months, there seems to have been a particular trend towards assisting clients on operational matters - operational reviews, assistance with due diligence questionnaires and benchmarking exercises.


We continue to work on fund structuring projects too, and there have been some interesting developments in that area as well.

Review of our fourth year

Our independent report for AREF on fund behaviour
















Following the EU Referendum in June 2016, John was appointed by AREF to conduct an independent review of fund manager behaviour.  This was published as a consultation draft in March 2017 with the final report at the end of April 2017. The report has been used by AREF and other trade organisations in their responses to the FCA discussion document on illiquid assets and in discussions with the Bank of England.  


We hope that the report, as was the case with John's previous report for AREF on the 2008 crisis, will be used by the industry in shaping product development going forward.


You can find the report and associated materials here

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