Welcome to the third issue of Global Asset Management Review.

Global Asset Management Review features a collection of articles from partners and other senior practitioners active in the funds, asset management and financial services regulation space. These articles will focus on some of the key regulatory, market and transactional developments across a range of core global jurisdictions.

In this issue we cover:

Overview of funds market and fundraising environment

Overview of funds market and fundraising environment

The challenges facing the funds and asset management sector continued in the first quarter of 2025.

Global | June 03, 2025

Global Asset Management Review Issue 3
M&A in the asset management and fund sector: Key themes for 2025

M&A in the asset management and fund sector: Key themes for 2025

UK and European asset managers have been facing considerable headwinds over the past few years.

Global | June 03, 2025

Global Asset Management Review Issue 3
UK LTAFs: Playing the long game

UK LTAFs: Playing the long game

The UK Long-Term Asset Fund (LTAF) remains a relatively new type of fund structure designed to give investors access to long-term and illiquid assets, including private equity, private debt, real estate and infrastructure.

Global | June 03, 2025

Global Asset Management Review Issue 3
The UK’s proposals to streamline the rules for AIFMs

The UK’s proposals to streamline the rules for AIFMs

On April 7, 2025, HM Treasury (HMT) published an open consultation “Regulations for Alternative Investment Fund Managers” setting out the Government’s proposed approach for a streamlined framework for the regulation of AIFMs and the depositories they use.

Global | June 03, 2025

Global Asset Management Review Issue 3
Private market valuations: What were the key findings from the FCA’s recent multi-firm review and what should firms be doing to be compliant?

Private market valuations: What were the key findings from the FCA’s recent multi-firm review and what should firms be doing to be compliant?

In recent years, private markets have experienced substantial growth, with the UK maintaining its position as the leading hub for private market asset management in Europe.

Global | June 03, 2025

Global Asset Management Review Issue 3
How you can improve your firm’s governance and learn lessons from regulatory enforcement

How you can improve your firm’s governance and learn lessons from regulatory enforcement

FCA and Prudential Regulatory Authority (PRA) enforcement action covers a range of misconduct with recent outcomes including both retail and wholesale cases and findings in respect of matters as various as customer treatment, market abuse and risk management.

Global | June 03, 2025

Global Asset Management Review Issue 3
Introduction of a new “Reserved Investor Fund” or “RIF”

Introduction of a new “Reserved Investor Fund” or “RIF”

Autumn Budget 2024 confirmed that a new type of UK investment fund, the Reserved Investor Fund (RIF), would be introduced by April 2025, and enabling regulations have now come into force.

Global | June 03, 2025

Global Asset Management Review Issue 3
Fractional shares: An update on the regulatory approach

Fractional shares: An update on the regulatory approach

As its name suggests, a fractional share is an actual share that has been split into a smaller unit.

Global | June 03, 2025

Global Asset Management Review Issue 3
The first SFDR compliance-related CSSF administrative sanction

The first SFDR compliance-related CSSF administrative sanction

Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) has issued its first SFDR compliance sanction, marking a shift to enforcement. Asset managers, take note: ESG disclosures must be accurate, clear and aligned with investment policies.

Global | June 03, 2025

Global Asset Management Review Issue 3
German regulator threatens crack-down on “excessive influence” of special fund investors – Non-German asset managers cooperating with Master-KVGs directly affected

German regulator threatens crack-down on “excessive influence” of special fund investors – Non-German asset managers cooperating with Master-KVGs directly affected

The German special investment fund (Special Fund) is a widely used investment vehicle that is very popular amongst German institutional investors. Special Funds are AIF-managed typically by German AIFM known as “KVG” or Kapitalverwaltungsgesellschaften.

Global | June 03, 2025

Global Asset Management Review Issue 3
ESG in Abu Dhabi: How does it link itself to Luxembourg?

ESG in Abu Dhabi: How does it link itself to Luxembourg?

In 2019, the Emirate of Abu Dhabi and the United Arab Emirates (UAE) declared, in the Abu Dhabi Sustainable Finance Declaration, their commitment to address climate change and the pursuit of a sustainable growth pathway acknowledging that climate change affects all economic sectors and all segments of society.

Global | June 02, 2025

Global Asset Management Review Issue 3
Fund manager migration: Understanding the push and pull towards ADGM and DIFC

Fund manager migration: Understanding the push and pull towards ADGM and DIFC

The Dubai International Financial Centre (DIFC) and the ADGM, the two financial freezones of the UAE, have over the years emerged as premier destinations for international fund managers.

Global | June 03, 2025

Global Asset Management Review Issue 3
Hong Kong update: Recent and future milestones

Hong Kong update: Recent and future milestones

Hong Kong has recently seen the launch of its first tokenized fund which is a significant milestone for the asset management sector.

Global | June 03, 2025

Global Asset Management Review Issue 3
Three key developments to know about China’s asset management industry

Three key developments to know about China’s asset management industry

Since the legislative opening-up of China’s asset management industry from 2020, foreign asset managers have consistently shown a strong interest in opportunities relating to the Chinese market

Global | June 03, 2025

Global Asset Management Review Issue 3
Expanding retail access to private markets: Regulatory developments and industry trends

Expanding retail access to private markets: Regulatory developments and industry trends

Recent regulatory and industry developments are reshaping the landscape of retail investor access to private markets.

Global | June 03, 2025

Global Asset Management Review Issue 3
Turning uncertainty into opportunity: Private equity in a shifting trade landscape

Turning uncertainty into opportunity: Private equity in a shifting trade landscape

With the recent announcement of US tariffs – dubbed “Liberation Day” – now behind us, the details around their implementation, duration and scale remain unclear .

Global | June 03, 2025

Global Asset Management Review Issue 3

Featured items

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Financial Services Regulatory Developments in ESG

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Richard Sheen
Richard Sheen
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Claire Guilbert
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Simon Lovegrove
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Etelka Bogardi
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Josh Tod
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Alan Skerritt
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Julia Lloyd
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Ai Tong
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Cyril Clugnac
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Ralf Koschmieder
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Geoffroy Hermanns
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Andrew Lom
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Mark Highman
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Vanessa Grant
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