Quarterly Funds Update: Spring 2016

Written on 26 May 2016

Welcome to the latest edition of Osborne Clarke’s Quarterly Funds Update.

We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in a future edition, please let one of us know. Our contact details are set out below.

Limited partnerships: update on reforms to ensure UK LPs remain the “market standard structure”

In previous updates we have outlined the proposed changes to the Limited Partnerships Act 1907 in respect of private fund limited partnerships, which were published in a Treasury consultation paper in July 2015. A variety of parties, including venture capital trade bodies and investment managers, responded to the consultation paper and, after considering these responses, the Government published its revised proposals on 24 March 2016.

The government has confirmed that it will proceed with implementing a new PFLP regime, but has made some significant amendments to its consultation proposals.

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Local Government Pension Scheme Asset Pooling: high level overview for investment managers

At the Conservative Party conference in October 2015, Chancellor George Osborne called for the assets of the 89 pension funds in the Local Government Pension Scheme to be merged into six wealth funds, or “pools”, each containing at least £25 billion of assets. The government believes that this pooling of assets will lead to economies of scale and improved ability of the LGPS funds to invest in infrastructure projects.

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Operating an unregulated collective investment scheme: are your investors really taking part in day to day management?

On 20 April 2016 the Supreme Court handed down judgment in the case of Asset Land Investment Plc and another v The Financial Conduct Authority. This is an important decision as it is the first case in which the Supreme Court has considered the parameters of what constitutes a collective investment scheme; if arrangements do constitute a collective investment scheme, the operator of the scheme will be engaged in a criminal activity unless it has permission to undertake this activity from the FCA.

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