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After the extensive festivities a year ago to mark our fifth anniversary, year six has been a little bit quieter, although we did return to MIPIM after a year's gap (more on that overleaf) and have been busy with client work and industry involvement as ever. In particular, the publication of the FCA's long-awaited proposals on open-ended funds has renewed attention on John's report for the Association of Real Estate Funds (AREF) into the behaviour of funds for retail investors after the EU referendum in 2016 and his ealier report for AREF looking at the lessons for unlisted funds from the 2008 crisis.


So what did we get up to in the year to 30th June 2019?




We continue to have an interesting mix of ongoing clients and specific assignments. Residential investment continues to be a key theme, with John working on a number of BTR / PRS fund projects over the year, for managers and investors. It is an asset that is well-suited to semi open ended fund structures.

Review of our sixth year

As well as advice on structure, we have assisted clients with operational and controls matters. This is becoming an increasingly important area in investor due diligence.


There is increasing interest in "onshore" UK funds and our most significant ongoing project is on the establishment of a UK authorised fund. This is an extremely complex piece of work and we think will provide a model for new funds in the future, particulalry if the FCA move to facilitate less liquid funds for retail investors.


John is also delighted to have acted as Subject Matter Expert on real estate funds for Remit Consulting (see here) on an operating model project for one of their clients.

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