Long Term Asset Fund lawyer urges the FCA: 'Do not rush this'

Fears new product could launch without proper scrutiny

A lawyer tasked with helping to design the Investment Association's (IA) proposed Long Term Asset Fund (LTAF) has urged the Financial Conduct Authority (FCA) not to "rush" the establishment of the vehicle, warning that doing so could render the project a "damp squib".

Lora Froud, an investment management partner at Macfarlanes, said the UK Government's commitment to getting the LTAF launched by the end of this year is "feasible" but, first, industry engagement is vital to ensure the vehicle serves its purpose. The LTAF was first proposed in June 2019 in the IA's Vision 2020 report, which outlined its idea for a UK vehicle giving investors better access to illiquid assets without some of the pitfalls inherent in some structures such as UCITS. UK Government commits to 2021 LTAF launch UK Chancellor Rishi Sunak and more recently City Minister John ...