This summer in Tokyo, I again watched the Sumida River fireworks. Each burst of colour looked spontaneous, yet the spectacle followed a script: precise timing, repeatable patterns, familiar choreography. Predictable, yet still compelling.

The fireworks always remind me of an important principle in investment: reproducibility paired with trust.

‍

For investors, reproducibility is about consistency. It is the ability to deliver steady performance through a repeatable strategy, supported by reliable execution. At the same time, investors seek more than predictability. They want managers to demonstrate an edge: something that adds value beyond the expected, without undermining stability. Japanese investors in particular place high value on consistency, perhaps more than many markets.

‍

In Asia today, reproducibility is becoming even more critical. LPs are cautious, fundraising cycles are longer and reporting standards face sharper scrutiny. Managers who can show both consistent results and transparent processes are the ones who will continue to secure investor confidence.

‍

Yet reproducibility alone is not enough. With regulatory demands tightening globally, investors expect visibility into how strategies are implemented: process, risk controls, governance and reporting. Clarity and transparency are no longer optional.

‍

Managers who combine a repeatable, well-understood investment framework with rigorous disclosure and adaptability will stand out. In cross-border fundraising, reputations are not built by performance alone but by consistency and clarity.

At Langham Hall, we work with managers globally to help them deliver the reporting, governance and operational standards that underpin investor trust.

Langham Hall announces the appointment of Yukio Matsushita as US Director of Client Operations, reinforcing the firm’s commitment to best-in-class client service as it accelerates its US expansion.

‍

Based in New York, Yukio will be responsible for the continual upgrade of Langham Hall’s client delivery infrastructure. In addition to leading one of the client delivery teams, he will also serve as a senior technical resource for the US business.

His appointment supports Langham Hall’s strategy to scale organically in the US while maintaining its key differentiator: partner-led delivery of client work.

‍

Yukio is a Certified Public Accountant (CPA) with more than 25 years of experience in financial services. He was most recently Managing Director of the outsourced CFO business at a global administrator. Prior to this, he spent 15 years at Goldman Sachs in New York and Tokyo as Vice President of financial reporting, supporting private equity, special situations and investment banking units. He began his career at Deloitte and holds a degree in Business Economics from the University of California.

‍

"The US is a key growth market for Langham Hall and a central focus of our global expansion. Yukio’s deep expertise across private equity, investment banking and outsourced CFO services makes him an exceptional addition to our team. His appointment reflects our investment in the US as a priority market, where demand for expert-led fund administration is expanding rapidly. US managers want a partner who can combine global expertise with local delivery and that is exactly what we are building here." Joseph Hindi, Head of US

‍

"Langham Hall’s reputation for technical mastery combined with senior involvement is precisely what US fund managers need: context, judgement and continuity in support of their investors. I am honoured to join this team as we strengthen our global foundation and raise the bar for client service." Yukio Matsushita, US Director of Client Operations

‍

Meet Benjamin Panarotto, Manager – Legal and Transactions, Real Estate

‍

In the third edition of our ‘Spotlight on Langham Hall’ series, we are pleased to introduce Benjamin Panarotto, Manager of Legal and Transactions – Real Estate. Based in our Luxembourg office, Benjamin has been part of Langham Hall for six years, playing a key role in the firm’s growth and supporting clients across complex fund structures.

We spoke with Benjamin about his background, his role today, and the advice he would give to those starting out in the private funds industry.

‍

Q: What is your professional background?

‍

I’ve always valued the diversity of my professional experience, having explored different disciplines and countries through internships and short-term roles. My early career took me across France, Spain, Malta, Florida and Guadeloupe, working primarily in marketing and sales.

‍

I joined Langham Hall Luxembourg six years ago after completing my master’s degree. Since then, I’ve seen the office grow from around 60 people to more than 200 and I am proud to have played a part in that journey.

‍

Q: What is your favourite part about your role?

‍

What I enjoy most is the variety my role offers. It spans a wide range of responsibilities – from corporate governance and regulatory compliance to investment transactions, AML and commercial operations – all while training a team.

‍

Everyday brings new challenges and learning opportunities, making the role dynamic and engaging whilst always pushing me to expand my knowledge.

‍

Q: What are your priorities for the year ahead?

‍

This year, my focus is on strengthening my team so that we can continue to support Langham Hall’s growth and deliver the highest standard of service to our clients.

‍

Q: What advice would you give someone starting out in private funds?

‍

Curiosity is key. Early in your career, ask questions, be eager to learn and share what you discover with others. Seek out experienced colleagues and offer your support, it is one of the best ways to grow your knowledge while building strong relationships.

‍

Q: How do you spend your time outside of work?

After undergoing surgery for a squash injury last year, I became much more aware of my overall health. Lately, I’ve been focused on improving my diet, getting better sleep and maintaining a regular exercise routine.

Supporting communities across the globe

‍

At Langham Hall, we believe community is built through action. In the first half of 2025, our teams across the globe have supported causes that matter – from mental health awareness to food security and local healthcare. These initiatives not only provide vital support to local communities but also strengthen the bonds within our teams, showing the power of collaboration both in and outside the workplace.

‍

Here’s a look at what our teams have been up to:

‍

US

‍

Our US team partnered with New York Cares, a leading nonprofit organisation that mobilises volunteers across New York to address community needs across the city.

‍

During the day they packed grocery bags and pantry essentials for families facing food insecurity. Working alongside other dedicated volunteers, they sorted fresh produce, non-perishables and household staples – ensuring that every bag was nutritious and balanced, ready to support a family in need.

‍

Beyond the hands-on work, the experience reminded the team of the power of community engagement and teamwork – both inside and outside the workplace. By the end of the day, hundreds of bags had been packed, supporting over 750 families throughout New York City.

‍
A huge thank you to New York Cares for organising such a meaningful initiative. The team looks forward to participating in future volunteer events and continuing to support the local community together.

‍

Guernsey

‍

The Guernsey office selected The Pink Ladies as its Charity of the Year. The Pink ladies is Guernsey’s breast cancer charity, focused on early detection, awareness and support for those affected in the Bailiwick. Fundraising began with a bake sale and continued with participation in the Pink Ladies Sunset Walk challenge, which brought together 1,500 walkers and finished with a celebratory gathering in the Town’s Market Square.

‍
In early June, six individual walkers and a relay team of seven took part in the Saffery Rotary Walk, a 39-mile route following the coastline of Guernsey. This initiative raised money for 25 local charities including St John Guernsey LBG, Wellbeing Animals Guernsey and the Youth Commission for Guernsey and Alderney.

‍

Luxembourg

‍

To mark International Women’s Day, our Luxembourg team showcased the voices and experiences of women in a special feature for our internal newsletter, while also donating to Soroptimist International of Luxembourg to support education and advocacy initiatives.

‍

The team also proudly continued its participation in the Social Goal football tournament, finishing an impressive second place in Division II this season. A special congratulations to Wilson Martins, who earned the title of the Best Goalkeeper in Division II!

‍

The Social Goal unites corporate teams across Europe and Asia to support local NGOs, using sport to provide children with access to structured, life changing programmes. We are proud to be part of this initiative that fosters community and creates opportunities.

‍

Jersey

‍

This year began with the Jersey team competing in the ‘Swimarathon’, with Team Langham Crawl securing second place in their time slot by completing an impressive 69 laps (138 lengths), surpassing their 2023 total of 67 laps.

‍

In March, the Jersey office came together to support three colleagues preparing for the Hospice 2 Hospice Half Marathon by hosting a bake sale that raised a remarkable £476 for Jersey Hospice Care.

‍

To wrap up Mental Health Awareness Week, the team showcased its baking skills in an office bake-off, raising funds for Dementia Jersey and Jersey Hospice – Langham Hall Jersey’s chosen charities for 2025.

‍

During May, several of the office participated in the James Keating Football Tournament, an event close to our hearts at Langham Hall. All of the proceeds from this event went to Autism Jersey.

‍

The team also attended an afternoon tea hosted by Dementia Jersey celebrating the charity’s 15th anniversary - an inspiring event that highlighted the real impact of the offices continued support within the community.

‍

Finally, the team had a great day out at the It’s a Knock Out competition, a family fun event with different obstacle courses, raising money in aid of the Jersey Neonatal Unit.

‍

London

‍

In March, the London office donned blue in support of Prostate Cancer Awareness Day, raising £141 through staff donations. The London Charity Committee generously added £250, bringing our total contribution to £391. Just two months later, the office embraced Denim Day in support of the Alzheimer’s Society, raising £230 – matched by the Committee bringing the donation to an impressive £460. These efforts not only generated vital funds but also fostered meaningful conversations about health and wellbeing.

‍

In April, Patrick Rourke and Amelia Saunders took on the Brighton and London Marathons, respectively, raising funds for Dementia UK and Blood Cancer UK. Langham Hall proudly contributed £250 to each of their campaigns. Congratulations to both for their incredible dedication and endurance.

‍

Meanwhile, colleagues Sagar Rajpara and Xuyi Wu participated in Fiera’s “Walk Together, Listen Together” event in partnership with The Listening Place, supporting suicide prevention. The Charity Committee contributed £500 to this vital cause and we praise Sagar and Xuyi for their commitment and meaningful contribution to this important cause.

‍

We also extend our congratulations to all Langham Hall staff who participated in the J.P. Morgan Corporate Challenge, with a special mention to Sam Highmoor and Abbie Jones, our fastest male and female runners. In recognition of their achievements, the Charity Committee donated £125 to each of their chosen charities. We thank all participants for their dedication and commitment, showing the drive we value at Langham Hall.

‍

Beyond events, the London office has partnered with Euston Foodbank to support the local community, donating an impressive 21.7 kg of supplies in Q1 alone. The team are proud to support this vital service and look forward to continuing collection efforts throughout the year.

‍

Looking ahead

‍

Across our offices, these initiatives reflect the values we share at Langham Hall: collaboration, commitment and care for the communities around us. We are proud of our teams’ contributions and look forward to building on this work in the months ahead.

‍

We sat down with Joseph Hindi, Head of our US office, to talk about leadership, culture and what’s fuelling our growth in the North American market.

‍

With over 20 years of experience in alternative assets, Joe has built his career around technical depth, operational rigour and a hands-on approach to team and client leadership.

‍

Tell us a bit about your career journey. What brought you to Langham Hall?

‍

My career in alternatives started in 2004. After grad school, I moved into the fund services space, joining a firm as employee number 50 and spending seven years helping to scale the business. That experience taught me a lot about how to build teams and deliver service at pace.

‍

What stood out about Langham Hall was its partner-led structure. It reminded me more of a mid-sized law firm than a traditional service provider: thoughtful, senior-led and genuinely invested in client outcomes.

‍

How do you approach your role day to day?

‍

My day moves between commercial development, client relationships and making sure the team has what they need to deliver excellent service. I like to stay close to the work, but not to micromanage. I would rather show someone how to solve a problem than just tell them what to do.

‍

What does strong leadership look like in your view?

‍

It is about clarity, consistency and accountability, including holding yourself accountable. At Langham Hall, we build culture through apprenticeship: weekly team sessions, open problem solving and mentoring built into how we work.

‍

What makes this moment exciting for the US office?

‍

The US remains one of the most active fund markets globally. Managers here move at pace and expect the same from their service partners, but they also value depth, stability and real engagement.

‍

That is where our model fits. Clients want senior people who understand their business, can solve problems quickly and provide consistency across jurisdictions. That combination of responsiveness and technical confidence is something they are not always used to and it has made a real differentiator for us. When new opportunities come through referrals, it speaks volumes about the trust and relationships we are building and service we are delivering.

‍

As Langham Hall’s US presence continues to grow, Joe remains focused on doing things the right way: with purpose, precision and a clear commitment to client service. With a strong foundation in place, the team is focused on scaling thoughtfully, deepening client relationships, attracting top-tier talent and reinforcing Langham Hall’s reputation as a trusted partner in one of the world’s most dynamic fund markets.

How SFDR classifications (Articles 6, 8, and 9) are reshaping private markets fund structuring and capital flows.

‍

Investor demand for Environmental, Social and Governance (ESG) strategies has transformed dramatically over the past decade, from niche allocation to mainstream expectation. When the EU’s Sustainable Finance Disclosure Regulation (SFDR) first came into force in March 2021, it fundamentally reshaped the ESG landscape for fund managers. Faced with new classification requirements, many managers initially defaulted to Article 6 — the path of least resistance. This allowed them to avoid the additional operational complexity, disclosure obligations and potential investor scrutiny that came with Articles 8 and 9.

‍

However, the dynamics have shifted sharply. Limited partners (LPs) across Europe have increasingly signalled they are willing to commit more capital to Article 8 and 9 funds, viewing these classifications not just as disclosure regimes but as genuine signals of ESG commitment. In response, managers have started to reposition.

‍

SFDR was originally designed as a disclosure framework aimed at improving transparency rather than serving as a formal ESG quality label. Yet in practice, Articles 8 and 9 have become widely adopted by the market as de facto “badges” to communicate ESG ambition and alignment to investors.

‍

Drawing on proprietary SFDR onboarding data from Langham Hall’s teams in Luxembourg and the UK (the latter only where funds are marketed to continental Europe), we see this pivot clearly in private markets. The data, spanning private equity, real estate and infrastructure strategies, shows a sharp rise in Article 8 funds as the pragmatic new default, a marked decline in Article 6, and selective, strategic adoption of Article 9. Together, these shifts reveal where investor ESG appetite in Europe is really landing and what it means for managers positioning themselves for the next decade.

‍

Article 8: The pragmatic new default

‍

Article 8 has quickly emerged as the pragmatic middle ground. In private markets strategies, Article 8 funds have shown the most consistent and significant growth. The proportion of Article 8 funds has steadily increased year on year, reflecting a rising willingness among managers to incorporate ESG characteristics to align with LP expectations.

‍

In private equity, Article 8 funds accounted for around 25% of new onboardings in 2022, over 35% in 2023, and rose further to 40% in 2024. In real estate, Article 8 funds grew from about 25% in 2022 to 64% in 2023, reaching an impressive 91% in 2024.

‍

This growth underscores that Article 8 allows managers to meet increasing ESG demands without committing to the far more operationally intensive Article 9 framework. It offers flexibility, credibility, and a pathway to satisfy LPs actively allocating towards more ESG-aligned vehicles.

‍

Article 6: From fallback to fading

‍

Initially, Article 6 was seen as a safe default classification. It avoided additional reporting complexity and allowed managers to maintain established strategies without structural changes. However, as ESG expectations have become mainstream, Article 6 has steadily lost ground.

‍

In real estate, Article 6 fell from more than half of onboardings in 2022 to only around 9% by 2024. In private equity, Article 6 declined from around 43% in 2022 to 40% in 2024. Infrastructure saw Article 6 dominate early on, but this share is also showing signs of eventual retreat.

‍

This shift reflects a broader reality: ESG is no longer optional or a niche differentiator. It has become a baseline expectation in Europe’s private markets.

‍

Article 9: A selective, high-commitment choice

‍

Article 9 funds, which require sustainable investment as a core objective, remain a relatively small but strategically important segment. In private equity, Article 9 accounted for roughly 29% in 2022, fell to around 13% in 2023 and stabilised at 20% in 2024. In real estate and infrastructure, adoption remains minimal.

‍

This cautious uptake reflects the high bar for operational readiness, rigorous disclosure and impact verification required to credibly support this classification. Article 9 strategies appeal primarily to mission-driven institutional investors, development finance institutions (DFIs) and certain European pension funds that prioritise measurable impact alongside financial returns. Only managers with advanced ESG capabilities, robust internal expertise and a long-term commitment to impact are typically equipped to pursue this path effectively.

‍

Looking ahead: The UK’s evolving approach

‍

While this analysis focuses on SFDR trends in Europe and therefore only touches on UK funds marketed into continental Europe, it is worth noting that the UK is introducing its own Sustainability Disclosure Requirements (SDR), designed to address some of the perceived shortcomings of the EU framework.

‍

Unlike SFDR, which has evolved into a de facto badge system through Articles 6, 8 and 9, SDR explicitly introduces four distinct, descriptive fund labels intended to provide clearer and more practical guidance to investors.

Although SDR is still in its implementation phase and no data is yet available, it is widely viewed as a more robust and transparent framework, aiming to reduce ambiguity and greenwashing risk by offering a direct labelling system rather than relying on market interpretation of disclosure categories.

‍

Implications: Where should managers aim next?

‍

For managers structuring new private markets products, these trends provide a clear strategic signal. Article 6 is no longer a safe fallback; it is increasingly seen as insufficient and risks misalignment with institutional LP expectations.

‍

Article 9, while attractive to certain highly impact-focused investors, demands significant operational investment and a genuine, verifiable sustainability strategy, making it a viable path only for those fully prepared to deliver and report on measurable outcomes.

‍
Article 8 has clearly emerged as the pragmatic sweet spot: robust enough to meet investor ESG demands and regulatory scrutiny, yet operationally achievable across private equity, real estate and infrastructure strategies.

‍

Managers considering Article 8 designations should ensure they have strong governance, clear ESG frameworks, and the internal capability to back up claims with credible data and reporting. Meanwhile, those looking to pursue Article 9 must be ready to demonstrate impact as a core objective, backed by comprehensive verification processes.

‍

As ESG expectations continue to embed deeper into allocation decisions, managers who act decisively to strengthen their ESG positioning (rather than simply adopt labels) will be best placed to secure capital, build stronger LP relationships, and protect long-term reputational value.

‍

A clear pivot: From optional to expected

‍

Taken together, these onboarding trends reveal that ESG integration has moved from being an optional differentiator to an expected baseline. Article 8 is rapidly becoming the default choice for managers balancing ESG requirements with operational realities and investor expectations.

‍

For investors, this data offers a grounded, evidence-based view of the real market trajectory, beyond broad commitments and policy statements. For managers, it is a clear call to action: now is the time to align structure, strategy and operational readiness to capture and retain capital.

‍

At Langham Hall, we see these insights not merely as onboarding statistics but as strategic market intelligence. While frameworks like SFDR have played a critical role in creating a common baseline and shaping market behaviour, simply adopting a category is no longer enough to differentiate or secure investor trust. As ESG shifts from ambition to execution, managers must go beyond the label, investing in strong governance, credible data and transparent reporting, to deliver authentic, measurable and lasting value.

‍

Fund governance plays a vital role in protecting investors and ensuring trust across the private funds industry. And it is an area where graduates can gain real responsibility early on. At Langham Hall, Depositary Analysts ensure fund managers operate transparently and in line with regulations under the Alternative Investment Fund Managers Directive (AIFMD).

‍

We spoke with Christine Obijiaku, a Depositary Analyst, about transitioning into finance, learning on the job and why she values Langham Hall’s commitment to development.

‍

How did you decide what jobs to apply for after graduation?

‍

I didn’t have a clear path mapped out, but I knew I enjoyed working with data and solving problems. I looked for roles that were structured and analytical – and that’s how I found my way into finance.

‍

What did you study, and how does it relate to your role?

‍

I studied Human, social and political sciences. While not directly related, it gave me strong critical thinking and communication skills. Understanding macro systems also helps provide context when analysing financial trends and regulatory developments.

‍

What does a Depositary Analyst do and what tasks do you undertake?

‍

We act as an independent oversight function between fund managers, stakeholders and regulators. That means verifying asset ownership, monitoring cash flows, reviewing transactions and making sure investment activity stays within stated mandates.

‍

Why Langham Hall?

‍

I chose Langham Hall because of its strong commitment to professional development. The firm genuinely invests in its people. I was drawn to the structured training and the ability to pursue industry qualifications like the IMC and CAIA. From day one, I have worked on real projects and been encouraged to take initiative.

‍

What were the first six months of your role like?

‍

They were intense – but in a good way. I shadowed colleagues, asked a lot of questions, and gradually took on more responsibility. The support was always there when I needed it.

‍

How do you see your career evolving at Langham Hall and what are your long-term goals?

‍

Short-term, I want to deepen my technical skills and take on more complex projects. Long-term, I hope to become a mentor myself and support others starting their careers, just as my team supported me.

‍

Do you have any recommendations for anyone who wants to pursue a career in the Private Funds sector/ Depositary team?

‍

Be curious and proactive. This role sets the foundation for a long-term, meaningful career in finance. There is a lot to learn, but staying engaged and asking questions is key. I also recommend pursuing a qualification early – it builds confidence and opens doors.

‍

If you are interested in joining Langham Hall, check out our latest vacancies.

Financial crime compliance in private funds is under pressure from two directions: regulation and investor scrutiny.

‍

For UK fund managers, obligations under the Money Laundering Regulations 2017 (MLR 2017) are well established, requiring a clear framework for identifying, verifying and monitoring the individuals and entities they do business with. But in practice, it is not just about compliance anymore.

‍

Fund investors are asking more questions. Operational due diligence now routinely covers AML and CDD processes. And reputational expectations, from Limited Partners (LPs), regulators and counterparties, are shifting. The message is clear: controls must work in practice, not just on paper.

‍

Where AML and CDD fit in and how they differ

‍

Anti-Money Laundering (AML) refers to the UK’s regulatory framework for detecting, preventing and reporting financial crime. Under the MLR 2017, UK AIFMs and fund service providers must carry out Customer Due Diligence (CDD) on investors, conduct ongoing monitoring, and file suspicious activity reports when appropriate.

‍

CDD, which includes verifying identity and beneficial ownership, assessing risk levels, and ongoing screening, is one of the core controls under that framework.

‍
In recent years, many fund managers have gone further: applying the same CDD-style assessments to deal counterparties, co-investors, JV partners and vendors. This isn’t always a regulatory requirement, but it reflects a broader risk management trend, especially in private capital where transaction complexity is high.

‍

Two pressure points for fund managers

‍

At Langham Hall, we consistently see two friction points for managers:

1. Investor onboarding: particularly when structures involve trusts, nominees or multi-layered corporates. Meeting compliance standards without slowing capital calls requires deep familiarity with the documentation and regulatory thresholds across jurisdictions.
2. Counterparty checks: increasingly expected by deal teams and investment committees. These checks must be fast, thorough and auditable, even when they fall outside formal AML scope.

In both cases, the underlying expectation is the same: can the manager demonstrate control?

‍

What good looks like

‍

Whether applied to investors or counterparties, a robust CDD process includes:

• Clear identification and verification of Ultimate Beneficial Owners (UBOs) or Senior Managing Officers (SMOs)
• Documented customer risk assessments
• Politically Exposed Person (PEP) and sanctions screening, with ongoing monitoring
• Adverse media checks
• Source of funds and wealth verification
• Periodic and event-driven reviews
• Escalation and governance procedures that are risk-based and consistently applied

Langham Hall’s role

‍

Langham Hall supports fund managers across both investor AML and counterparty CDD, with services delivered entirely in-house by our specialist Financial Crime team.

‍

Delegated investor AML

We act as a regulated delegate, providing CDD from onboarding through to periodic reviews and 24-hour rolling screening. Our process meets MLR 2017 requirements and aligns with FCA expectations under SYSC and SMCR.

‍

Counterparty and deal-level CDD

We apply the same rigour to counterparties, helping funds assess deal and engagement risk, particularly in complex procurement or co-investment scenarios. While not always mandated, this growing practice strengthens reputational risk management and supports investor expectations.

In both cases, we work closely with our administration and depositary teams to ensure integrated controls and clear accountability.

‍

Why it matters

‍

AML and CDD are no longer viewed as technical compliance tasks. Increasingly, they are part of how fund managers demonstrate trustworthiness: to regulators, to investors and to counterparties.

The firms that approach this proactively are not only meeting their obligations. They are reducing friction, protecting reputation and gaining a commercial edge.

Langham Hall is pleased to announce the promotion of Jonny Coates to Director at its Guernsey office. This move reflects the firm's commitment to recognising and developing internal talent as it continues to strengthen its leadership team in the Channel Islands, aligning with its ongoing expansion and dedication to delivering exceptional service to clients in the private equity and real estate fund sectors.

‍

Jonny joined Langham Hall in October 2021 as Client Director and later took on the role of Head of Accounting. During this time, he has played a pivotal role in building the firm’s accounting capabilities, leading technical delivery, and supporting the growth of private equity and real estate clients. His extensive experience in fund services and accounting, combined with a deep understanding of client needs, positions him to make a significant impact in this new leadership role.

‍

Jon Young, Head of Guernsey at Langham Hall, commented: “It’s a pleasure to announce this significant milestone for Jonny and Langham Hall. His leadership and technical expertise will be instrumental as we continue to grow and enhance our services in Guernsey.”

‍

Jonny Coates added: “I am excited to take on this new role and look forward to working closely with our talented team to drive the continued success and growth of Langham Hall in Guernsey.”