Today saw the release of the much anticipated report from the UK Productive Finance working group on “a roadmap for increasing productive finance investment – including through the new UK regulated fund product, the “long term assets fund” (LTAF). Simmons acted as the sole legal services firm on the working group, and is delighted to have worked so closely with the FCA, the Bank of England, HM Treasury and very senior representatives of numerous major asset managers, investors and industry organisations on the key issues surrounding this new regime.
The new LTAF product is an innovative vehicle designed to bring illiquid/semi liquid) investments to categories of investors who would otherwise find it difficult to invest in those assets. The initial focus has been to create a product which, it is hoped, will be attractive to the UK DC pension schemes market, but there is clear ambition to bring this product to a broader retail audience in due course.
David Williams, Head of Investment Funds, commented: “We have been privileged to work alongside dedicated and skilled colleagues from across government, the regulator and industry in the development of this report. The level of commitment of all involved has been fantastic and we really hope that the new LTAF product will start to open up private assets investment to a whole new world of investors.”.
The Simmons team was led by David Williams and Neil Simmonds, supported by Ed Smith on pensions matters and Satyen Dhana on competition law issues.