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.

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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.

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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.

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"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

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"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

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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.

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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.

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

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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.

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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.

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How do you approach your role day to day?

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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.

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What does strong leadership look like in your view?

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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.

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What makes this moment exciting for the US office?

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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.

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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.

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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.

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.

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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.

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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.”

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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.”

Today the Government of Jersey announced a number of enhancements to its leading fund structure, the Jersey Private Fund ("JPF"), aimed at further strengthening the competitiveness of this flexible product by enabling it to be opened out to more investors where they meet the definition of professional or eligible investors.

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Why it matters:

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These changes will allow more investment managers to use the JPF, and for those already using the product enable them to raise larger funds, access broader capital pools and improve fund economics – all without losing the speed, flexibility and cost-efficiency that have made the JPF the go-to vehicle for over 750 structures since 2017.

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The key update:

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Effective from 6th August 2025, the enhancements include the removal of the 50-investor cap - JPFs can now have unlimited investors provided they are marketed to a “restricted group”, a 24-hour turnaround for compliant applications, listing of JPF interests and an expanded definition of “professional investor”.

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Existing JPFs will remain subject to the current limit of 50 offers or investors. To benefit from this updated provision, they must apply for a revised COBO consent.

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Built for speed; now built for scale.

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JPFs were introduced to meet demand for fast, flexible vehicles, without the need for full Collective Investment Fund (CIF) regulation. The regime offers:

• Fast-track approval (typically within 24 hours)
• No mandatory audit or offer documents
• Flexible structuring (companies, partnerships, unit trusts)
• National Private Placement Regime (NPPR) access to the EU and UK

This latest change builds on the 2024 refinement to the “investor” definition, which clarified how carry and co-investment vehicles are classified, further removing constraints that limited fund size and participation scope.

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Real-world adoption

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Fund managers and investors have used the JPF across asset classes and strategies:

• Institutional managers: Leveraging JPFs to raise real estate and private equity structures marketing into Europe
• Entrepreneurs and operators: Using JPFs to pool capital into co-investment platforms with bespoke governance and profit-sharing terms
• Family offices: Collaborating through JPFs to invest in private businesses and property ventures under shared terms of control, liquidity and exit.

Langham Hall’s view

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The removal of the investor cap brings the JPF into line with manager driven structuring needs, allowing for both operational efficiency and capital flexibility, without undermining its regulatory integrity. It enhances Jersey’s reputation as a top-tier jurisdiction for sophisticated fund formation.

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Whether you are looking to establish a new fund, restructure an existing one or explore cross-border opportunities under the JPF framework, now is the time to act. Langham Hall can help you capture the benefits of these changes.

Guernsey’s updated Private Investment Fund (PIF) regime came into force on 19 May 2025, streamlining the path to fund launch, especially for first-time and emerging managers. With reduced complexity, no audit requirement and authorisation possible in as little as one business day, it marks a major shift in fund structuring flexibility.

At Langham Hall, we have helped managers launch PIFs in Guernsey since the regime began. Here is what has changed and how we can help you take advantage.

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What has changed under the new regime

• No cap on investor numbers (previously capped at 50)
• No requirement to appoint a Guernsey-based manager
• No audit requirement (unless otherwise specified)
• Fast-track authorisation in one business day

The updated framework also consolidates previous PIF routes into two:

• Qualifying PIFs (QPIFs)
• Family PIFs

All funds must still be offered to qualifying investors as defined by the Guernsey Financial Services Commission.

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Why this matters for emerging managers

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For new managers, early-stage funds or specialist strategies, the previous hurdles – cost, time and regulatory complexity – often created a high bar for entry.

Now, the regime offers a faster and more flexible route, especially suited to:

• Proof-of-concept or friends-and-family funds
• Specialist or niche strategies
• Managers looking for cost efficiency without cutting corners

It is a shift that aligns with the needs of modern fund manager, especially those with institutional ambitions down the line.

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How Langham Hall supports PIF launches

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With over 70 professionals based in Guernsey and long-standing relationships with the regulator, we help managers move from idea to authorised fund smoothly and with confidence.

We provide:

• Structuring guidance and regulatory liaison
• Investor onboarding and fund setup
• Ongoing reporting and governance frameworks
• A setup built for scale, not just launch

From first conversation to live fund, we stay close and hands-on, because the early decisions matter.

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Make the most of the opportunity

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The updated PIF regime reinforces Guernsey’s status as one of Europe’s most manager-friendly fund jurisdictions. If you are considering your first fund or simply want a faster route to market, Langham Hall is ready to help. Get in touch with our Guernsey team.

In our new blog series ‘Spotlight on Langham Hall’, we are celebrating different team members from across our global offices who help shape Langham Hall’s culture and growth. Through their unique backgrounds, experiences and contributions, they drive successful client outcomes and make our business better every day.

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At Langham Hall we recognise that varied perspectives are crucial for innovation, creativity and growth and that diverse workforces which embrace and encourage each other’s differences are essential.

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First up is Nick Ware, a Manager in our UK Depositary team, who’s been with us for over four years and is taking his next exciting step by relocating to our New York office as we expand our US presence.

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Nick Ware: Supporting US growth from the inside out

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Q: What is the best piece of advice you have received in your career so far?

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To always put your hand up and show initiative. Making an effort goes a long way, both internally and with clients and that you learn so much more when you constantly take on new tasks.

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Q: What has been your favourite experience at Langham Hall so far?

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The focus on client interaction drew me to the firm initially and has remained my favourite part of working here. The focus on in person interaction has helped build skills I will carry throughout my career and build stronger relationships with clients. Plus, it has given me the opportunity to visit some very tall buildings with incredible views in cities around the world…for free!

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Q: What are your plans for the year ahead?

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As a result of the expansion in North America fund marketing to European investors, our London Depositary team now services a large client base in the US. To build on this, we felt that the time was right to place someone permanently in our New York office focussed on European marketing support, and I was lucky enough to get the call. I will be relocating to our New York office later this year, which will allow me to be physically closer to our existing client base in the US as well as to develop new relationships with GPs and advisors. It’s a great opportunity for both the business and me, and I’m really looking forward to getting started.

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Q: What do you like to do as a hobby/in your free time?

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My free time is mostly taken up by playing or watching sport. Football was and is still my first love, and any chance I get to play I will. Captaining the Langham Hall London team to a 7-a-side league victory was something I won’t forget in a hurry – I am hoping that someone will take on the mantle of running the team going forward!

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Q: What is your professional background?

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I joined Langham Hall straight out of university, fully immersing myself in the hand-on apprenticeship experience the firm offers. When I started in the UK Depositary team four years ago there were only 10 of us – now the team is nearly 30 strong. It has been rewarding to grow with the team, experience the many different roles and facets of Depositary, and gain insight into the inner workings of the business. I try to apply everything I have learnt throughout my career to inform senior decision making.

We are pleased to announce that we have expanded our global partnership with the promotion of four senior professionals. These appointments strengthen leadership across key financial hubs and reflect the firm’s continued investment in expertise, long-term client relationships and scalable growth.

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Alongside these four partnership promotions, Langham Hall has recognised talent across the business, with a further 17 being awarded long term incentives and a total of 144 employees promoted worldwide, reinforcing the firm’s commitment to internal progression and long-term value creation.

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Langham Hall now has 14 partners globally, each directly leading expert teams and ensuring senior-led client service, technical precision and deep market insight across private equity, real estate, infrastructure and debt.

Newly appointed partners

• Richard James (UK) – As Head of UK, Richard oversees the firm’s UK fund administration business. He joined the business in 2024 and was previously Global CFO of Savills Investment Management, bringing deep expertise in financial strategy, governance and operations.
• Joseph Hindi (USA) – Appointed in 2023 to lead Langham Hall’s US expansion, Joseph has been instrumental in scaling fund administration and accounting services.
• Maria Thorsted (Luxembourg) – Since joining in 2023, Maria has complemented the client and team focus with operational efficiency and risk management. As Head of Luxembourg, she will continue to scale the firm’s Luxembourg platform while ensuring best-in-class service delivery.
• Christian Mohr (Luxembourg) – A core architect of Langham Hall’s AIFM Luxembourg business, Christian has deep private equity and real asset expertise. With a background in audit and over 15 years of experience, he enhances the firm’s regulatory and governance capabilities across Europe. He joined the business in 2018.

A selective, structured path to partnership

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Becoming a partner at Langham Hall involves a process which is highly selective and merit-based – reserved for the most talented professionals in the field. Unlike corporate structures where promotions can be tenure-based, Langham Hall ensures that each partner is a practitioner and leader, directly overseeing a team of experts and maintaining high-touch client relationships.

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This latest round of promotions reflects Langham Hall’s commitment to quality, long-term partnerships, and independent growth. As a partnership-led firm, Langham Hall prioritises senior access, technical depth and fast decision-making – ensuring clients benefit from the best expertise in the industry.

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Investing in people, expertise and technology

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Langham Hall’s success is built on deep industry expertise, a relationship-driven approach and seamless technology integration. The firm combines expert leadership with innovative fund services, ensuring that clients receive precision, transparency and scalable solutions.

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Rob Short, Managing Partner said: “At Langham Hall, we don’t just grow in size; we grow in strength. Each of our new partners has demonstrated exceptional leadership, technical expertise and a commitment to long-term client success. Their promotions reinforce our ability to deliver high-touch service across global financial centres while remaining independent, client-focused and technology-driven.”

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Langham Hall is delighted to announce the appointment of two senior hires in Luxembourg. Ian Kent joins as Head of Fund Administration – Luxembourg and Brian Campion as Head of Commercial – Luxembourg. Both have extensive experience in alternative assets and will help us continue to deliver best-in-class service to top tier fund managers.

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Ian Kent | Head of Fund Administration – Luxembourg

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Ian has 20 years’ experience in the alternative investment sector in Luxembourg, both with investment managers and service providers. He has spent time at KPMG, Morgan Stanley and Abrdn, before working at a global bank where he serviced clients with complex cross-jurisdictional structures. Ian is a Fellow Chartered Accountant (“FCA”).

Ian leads our Luxembourg fund administration practice across all illiquid asset classes.

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Brian Campion | Head of Commercial – Luxembourg

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Brian started his career as an Auditor at EY Luxembourg, before working for an independent AIFM. He joins Langham Hall from another independent service provider, where he advised clients on Luxembourg operating models and regulatory frameworks. Brian is also the Co-Chair of the LPEA Promotion Sounding Board.

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Brian leads the Luxembourg commercial team, which is responsible for advising and working with clients during the setup and initial operation of funds in Luxembourg.

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Maria Thorsted - Head of Luxembourg said: “Both Ian and Brian bring a wealth of professional services experience to Langham Hall, which will help us continue to deliver best-in-class service to our clients”

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Tom Pinnell - Head of Commercial - Europe said: “Brian’s Big 4 background makes him a perfect fit for Langham Hall. He is able to really problem solve technical issues with clients at a deeper level than most and I look forward to working with him”.

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Langham Hall is proud to have supported Sarasin Bread Street with the successful launch of its inaugural Bread Street Multi Vintage Private Equity Fund (‘MVPE Fund’), which has secured €124 million in investor commitments.

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This fund is the first private equity strategy raised by Sarasin Bread Street following the leadership team’s move to Sarasin & Partners LLP in 2022. The MVPE Fund has attracted significant interest from a broad range of investors, including family offices, UHNW investors, charities, and specialist private equity secondary funds. Its unique single-manager, multi-vintage approach provides investors with access to a diversified portfolio of private company investments managed by global investment firm Carlyle, spanning vintage years from 2014 to 2024. Additionally, the MVPE Fund will make a primary commitment to Carlyle’s Corporate Private Equity platform, enhancing its exposure to blue-chip private equity opportunities.

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A key feature of the MVPE Fund is its use of a €33 million working capital facility provided by Natixis Corporate & Investment Banking. This facility, secured through a Guernsey security package, enables the MVPE Fund to efficiently manage capital deployment, enhancing its overall return profile for investors.

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Langham Hall has been selected to provide fund accounting and administration services from our Guernsey office. Leveraging our experience as a leading fund administrator, we provided comprehensive support in establishing the fund vehicles and the general partner structure, obtaining necessary regulatory approvals from the Guernsey Financial Services Commission, and overseeing the fund’s first close.

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Alex Barr, Head of Sarasin Bread Street added: “Langham Hall have proved to be a knowledgeable and supportive partner through the fund and capital formation processes for the MVPE fund and we particularly value the seamless connectivity between their Guernsey and London operations.”

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We look forward to continuing our partnership with Sarasin Bread Street as they expand their innovative fund offerings, delivering unique investment opportunities that align with long-term market themes.