The reserved investor fund regime: restricted or unrestricted, that is the question

Following Brexit the government announced that it would carry out a review of the UK funds regime to consider reforms which would have the potential to enhance the UK’s attractiveness as a location for asset management and fund domicile. Industry representations to the government suggested that there was a gap in the UK’s existing funds range for a new UK contractual scheme that was open to professional and institutional investors but not available to a broader retail investment market. Representations suggested that this new contractual scheme fund should be unauthorised and open to all asset classes although it was expected to be particularly attractive to commercial real estate investors (given that such funds would likely be able to reclaim input VAT charged on management fees)....