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LIAS or LIARS?  Our view is that the proposals should be killed at birth.

The LTAF is designed to enable authorised funds to be set up to invest efficiently in long‑term, illiquid assets.

We believe the name ‘Long Term Asset Fund’ is an awful misnomer:

  • Suggesting that other funds are not long term.
  • Ignoring that these funds are partly invested in illiquid assets.
  • Providing false comfort by putting the word ‘Authorised’ in the title.

We think that the problem the FCA wants to solve is unclear.

  • Why promote an open ended fund structure to invest in something that is so illiquid?
  • As there are already listed infrastructure funds which perform at least part of the role that LTAF appear to be aimed at, and that closed end investment companies do this already, a LTAF is not necessary.

The proposed ‘Long Term Authorised Funds’ are really Long Term Illiquid Assets in non-readily realisable securities - shortened to an acronym e.g. LIAs or LIARS?

Our joint response with ShareSoc is at this link.

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