Wealth firms in the UK are just at the start of a "multi-year transition period" as they begin to build their private market operations, requiring support from asset managers and platforms to provide education, as well as address their operational challenges, according to panellists speaking at Investment Week's inaugural Private Markets Summit.
The panel reflected progress has been "extremely rapid" over the past year in terms of the development of private markets into the wealth space, supported by regulatory developments and product innovation. Barry Fricke, managing director, head of EMEA alternatives distribution for wealth at Goldman Sachs Asset Management (GSAM), highlighted the Long-Term Asset Fund (LTAF) has been approved for retail in the UK, while the European Long-term Investment Fund (ELTIF) has gone through "a sea-change", moving from a closed-ended to an open-ended regime. "These two major regulatory developm...
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