26 May 2021

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

  • The Committee assisted AREF in responding to HMT’s call for input on the UK Funds Regime. This included a request to introduce a Professional Investor Fund (PIF).
  • The Committee is monitoring the European Commission’s reviews of AIFMD, the ELTIF and Solvency II
  • The Committee is monitoring the implementation of SFDR (Sustainable Finance Disclosure Regulation).
  • The Committee is keeping an eye on liquidity reviews by The Bank of England’s Financial Policy Committee, the FCA and IOSCO.
  • The Committee is monitoring the work being undertaken by the Bank of England, FCA and HMT joint Productive Finance Working Group to introduce the Long-Term Asset Fund (LTAF). Also, it is overseeing AREF’s response to the FCA consultation CP21/12 A new authorised fund regime for investing in long term assets.
  • The Committee has arranged for the introduction of a new open-ended pricing guidance following on from a joint project with INREV on this. Also, it is liaising with the Corporate Governance Committee to ensure the governance recommendations, from this initiative, are considered for inclusion in the AREF Code of Practice.

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: 10 June 2021

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.