This is a paper presented to the Royal Institution of Chartered Surveyors and Society of Property Researchers "Cutting Edge" conference 2013.  The paper consists of the slides, notes and a summary of the findings of interviews conducted in the preparation of the paper.  

The global financial crisis exposed a number of weaknesses in the open and closed-ended fund model as well as short-comings in the industry in respect of governance, transparency, communication with investors, risk management and controls environment. International investors, regulators and standard-setters are driving change, creating a robust and more uniform approach.