18 Mar 2022

A high level summary of what's being discussed in recent committee meetings:

  • The UK Funds Regime Review including work to introduce a Professional Investor Fund (PIF).
  • European Commission’s reviews of AIFMD and the ELTIF
  • Liquidity reviews by The Bank of England’s Financial Policy Committee, the FCA and IOSCO.
  • Clarity in UK AIFMD on the liability of external valuers - Overseeing AREF’s joint lobbying, with INREV and BPF, of the FCA.
  • Sustainability and climate related disclosures for real estate – Working in conjunction with ESG & II Committee.  Liaising with TCFD, FCA and DWP, alongside other real estate trade bodies, in ensuring the appropriate metrics for real estate in UK and European regulations.
  • Productive finance initiatives including the Long-Term Asset Fund (LTAF) and the proposal by DWP to exclude performance fees from the charges cap.
  • HM Treasury’s review of financial promotion exemptions
  • European Commission’s proposals for a Shell Entities Directive
  • Solvency Capital Requirements within the UK

Short Term Objectives

  • UK Professional Investor Fund
    Support and assist with the proposal for a UK Professional Investor Fund in conjunction with The IA.
  • AIFMD Review
  • Monitor the progress of the AIFMD Review and respond to any reports or consultations where necessary.
  • Respond to consultation papers published by the FCA, Government or other similar bodies that are of importance to AREF member, except ones in relation to taxation.
    This could be in the form of a response from just AREF or in partnership with other industry bodies such as The IA. Where appropriate, liaise with the AREF Tax Committee, to ensure responses do not have any tax implications.

Long Term Objectives

  • Work closer with The IA – In particular The IA’s Government Affairs team.

Next meeting: 15 June 2022

View more on the committee here.

Author

Anthony Shayle

Anthony Shayle

Anthony Shayle formerly (until March 2020) Head of Real Estate Debt EMEA and  Portfolio Manager for UBS-PREMF within Real Estate Debt UK (RE-UK-DT), businesses-part of Real Estate & Private Markets within UBS Asset Management (UBS-AM). He was appointed Head of REUK-DT and Portfolio Manager for UBSPREMF in April 2013. In this role, he focused on growing the debt business within RE-UK-DT.

Anthony joined UBS-AM’s RE business in June 2009 as Head of RE-UK. This senior debt fund has deployed equity 1.4 times and as at September 2019 was showing an IRR at portfolio level of > 8%.

Prior to joining UBS, Anthony worked for AXA REIM (20052009), where he was initially Head of Business Development and Marketing UK and then Regional Head of UK, Benelux and Nordics. Anthony held various senior investment asset management, debt structuring, finance and accounting positions in the area of private equity and real estate in Curzon Global Partners, AXA REIM (in a previous period), RODAMCO, UBS, BZW and Bankers Trust. Over the last 20 years he has raised circa €2.3 billion of equity for real estate investment and debt strategies representing approximately €5.5 billion potential AUM.

Anthony is both a Fellow of the Association of Chartered Certified Accountants and the Royal institution of Chartered Surveyors.