Welcome to our Funds First Update. In this briefing we set out an overview of some of the main developments and upcoming changes that we think will be of impact to fund managers, fund investors and to the funds sector as a whole.

This briefing is set out in four sections: a summary of some of the most recent regulatory developments; other key hot topics (including developments in tax and sustainable finance); a brief look at some of the other principal developments that you should be looking out for in 2020 and a real estate funds market overview along with some observations. For some of the topics covered we have highlighted action points.