3rd March 2016
Langham Hall has been featured in the February 2016 edition of Funds Europe magazine.
In a feature regarding Property Fund Administration called “An outside chance”, managing partner Rob Short is quoted alongside other industry luminaries.
The Langham Hall founder explained the firm had been busy adding depositary licenses in anticipation of AIFMD-related mandates. The first was gained in the UK in 2014, followed by Jersey. The third licence went live at the end of 2015 in Luxembourg.
“To have the depositary licence is vital for the AIFMD,” said Rob Short.
The magazine also quoted him responding to a question regarding the overall real estate industry and other “asset servicers”.
Rob Short said he saw a slowdown in fundraising activity in 2016 and “no huge number of property fund launches”. He also said he did not imagine many fund managers folding existing funds into the same outsourcing arrangements they had for other alternative funds.
“To have a real estate fund administered by a hedge fund administrator is a recipe for disaster,” he explained.
The article noted how a “battle is brewing” in real estate fund administration between three categories of providers. In one camp are long-term specialist administrators that have well established practices based in dominant offshore domiciles such as the Channel Islands and the Caribbean, as well as onshore centres such as Luxembourg and the UK.
In another camp are the large asset-servicing forms that have made “sizeable inroads” into the alternative funds market and are looking to extend this to the real estate and private equity sectors.
A third group has emerged comprising large property fund managers that administer their own funds in-house and are looking to extend these services to other managers.
The feature can be accessed by subscribers to Funds Europe here.