UK - The London Stock Exchange has revealed plans to launch a new specialist fund market for institutional and professional investors.
The specialist fund market will be open to both UK and international funds, and will be complementary to the FSA’s proposed unitary regime for investment entities listing on the main market.
It aims to provide sufficient flexibility for specialist vehicles such as single strategy hedge funds and private equity vehicles.
The London Stock Exchange said the new development would satisfy a market need which will exist between AIM and the main market once the FSA’s new unitary regime was introduced.
Martin Graham, director of markets at the London Stock Exchange, said:“Hedge funds and private equity are an increasingly important asset class that pension funds and other institutional investors want access to in order to diversify their overall portfolios and improve their returns.”
He added that the new market would enable London markets to meet the strong demand among issuers and investors for a regulated market quotation suitable for more complex entities, while remaining clearly delineated as a professional market.
London is said to host about 80pc of the European hedge fund industry and the bulk of the region’s buy out teams.
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