{"version":"1.0","type":"report","canonical_url":"https://hackforddata.com/reports/uk-fund-host-report-2026","json_url":"https://hackforddata.com/reports/uk-fund-host-report-2026/index.json","markdown_url":"https://hackforddata.com/markdown-for-agents?target=/reports/uk-fund-host-report-2026","slug":"uk-fund-host-report-2026","title":"UK Fund Host Report 2026","summary":"Market structure, concentration and relationship movement among the UK's regulatory fund hosts, covering 42 principals and 940 active fund-sector AR firms.","author":{"type":"Organization","name":"Hackford","url":"https://hackforddata.com"},"date_published":"2026-06-02","date_modified":"2026-06-02","language":"en-GB","license":"All Rights Reserved","downloads":{"pdf_url":"https://hackforddata.com/downloads/Hackford_UK_Fund_Host_Report_2026.pdf"},"topics":["UK fund hosting","Regulatory hosting","Appointed representatives","Principal firms","FCA Register data","Investment management advisers","Venture capital","Private equity"],"citation":"Hackford, \"UK Fund Host Report 2026\", 2026.","content_plain":"UK Fund Host Report 2026\n\nMarket structure, concentration and relationship movement among the UK's regulatory fund hosts, covering 42 principals and 940 active fund-sector AR firms.\n\nSummary\n\nHackford's UK Fund Host Report 2026 maps FCA principal and appointed representative relationship data across 42 principal firms and 940 distinct active appointed representative firms in fund-related activity categories.\n\nThe analysis focuses on regulatory fund hosts and appointed representatives connected to investment management adviser, hedge fund, growth capital, venture capital and private equity activity. It examines market concentration, principal rankings, 12-month relationship movement and AR activity categories.\n\nThe report finds that the 10 largest principal firms represent 61.5% of active in-scope AR firms, while 230 new active relevant appointed representative relationships were recorded over the past 12 months.\n\nIt is designed for regulatory hosting platforms, fund services providers, AIFMs, compliance consultancies, and teams selling into fund managers, investment firms and institutional appointed representatives.\n\nKey findings\n\nHackford identified 42 principal firms in the fund-hosting cohort.\n\nThe cohort contains 940 distinct active appointed representative firms and 941 active principal/AR relationship rows.\n\nThe 10 largest principal firms represent 61.5% of distinct active in-scope AR firms.\n\nHackford identified 230 new active relevant appointed representative relationships over the past 12 months.\n\nTwenty of the 42 principal firms grew their active AR count over the past 12 months, while 22 stagnated or declined.\n\nLangham Hall has the largest active in-scope AR population in the report, with 113 active AR firms.\n\nInvestment management advisers are the largest activity category, with 357 active AR firms, or 38.0% of the cohort.\n\nVenture capital, private equity and growth capital ARs account for 293 active AR firms, or 31% of the cohort.\n\nMethodology\n\nHackford identified fund-hosting-related appointed representatives using FCA principal/AR relationship data, Hackford classifications, permissions, firm websites, public descriptions and market-segment taxonomy.\n\nThe 42-principal cohort began with firms identified as having at least three active AR relationships in the base fund-like subsegments: growth capital, hedge fund, investment management adviser, private equity and venture capital.\n\nHackford classifies firms according to their primary activity. This classification draws on multiple sources, including FCA permissions, firm websites, Companies House SIC codes and other publicly available information.\n\nRelationship movement is measured from FCA-derived principal/appointed representative relationship records and should be read as regulatory relationship movement, not verified commercial performance.\n\nWho should read this\n\nRegulatory hosting and appointed representative platform sales or strategy teams\n\nFund services, AIFM and corporate services teams monitoring UK fund-manager formation and movement\n\nCompliance consultancies and regtech teams serving fund managers, investment firms and institutional ARs\n\nJournalists and researchers covering HM Treasury AR reform, fund hosting and the UK appointed representatives regime\n\nRelated Hackford searches\n\nCurrent appointed representatives in fund-related activity categories by principal firm\n\nPrincipal firms with active investment-management, venture-capital, private-equity or hedge-fund appointed representatives\n\nNew and previous appointed representative relationships for selected regulatory hosts\n\nActive AR firms by Hackford classification, principal relationship and FCA status\n\nSource notes\n\nFigures refer to the FCA principal/appointed representative relationship data and Hackford classifications used for the June 2026 report.\n\nThe active AR total is counted by distinct appointed representative firm reference numbers across the cohort; the report also records 941 active principal/AR relationship rows.\n\nRelationship movement reflects visible regulatory relationship records and does not necessarily indicate commercial wins, losses, launches or failures.\n\nThe report is an information resource only and is not endorsed by the FCA.\n\nThe dataset covers 42 FCA principal firms, 940 distinct active appointed representative firms, 941 active principal/AR relationship rows, 1,715 previous relationship records and 230 new active relevant relationships over the 12-month period used in the June 2026 report.\n\nPrincipal firm: An FCA-authorised firm responsible for appointed representatives carrying out regulated activities under its oversight.\n\nAppointed representative: A firm that can carry out regulated activities under the responsibility of an authorised principal firm.\n\nFund-hosting cohort: The 42-principal cohort Hackford identified using principal/AR relationship data and fund-related activity classifications.\n\nActive AR firm: A distinct appointed representative firm reference number that is active with one of the cohort principals in the report data.\n\nRelationship movement: New, previous or changed FCA principal/appointed representative relationship records visible in the source data.\n\nWhat does the UK Fund Host Report 2026 cover? It covers FCA principal and appointed representative relationship data across 42 principal firms and 940 distinct active appointed representative firms in fund-related categories.\n\nHow did Hackford define the fund-hosting cohort? The cohort began with principal firms that had at least three active AR relationships in fund-like subsegments including growth capital, hedge fund, investment management adviser, private equity and venture capital.\n\nWhat does the top 10 share measure? It measures the share of distinct active in-scope AR firm reference numbers represented by the 10 largest principal firms in the report cohort.\n\nIs the report endorsed by the FCA? No. The report is an information resource only and is not endorsed by the FCA.\n\nPrincipal firms: 42: Principal firms in the fund-hosting cohort.\n\nDistinct active AR firms: 940: Distinct active appointed representative firms across the cohort.\n\nActive principal/AR relationship rows: 941: Active relationship rows before de-duplicating AR firm reference numbers.\n\nPrevious relationship records: 1715: Previous principal/appointed representative relationship records in the cohort.\n\nTop 10 share: 61.5%: Share of distinct active AR firms represented by the 10 largest principals.\n\nNew active relationships, 12 months: 230: New active relevant AR relationships recorded in the past 12 months.\n\nPrincipals that grew, 12 months: 20 / 42: Principal firms that increased their active AR count over the period.\n\nLargest activity category: Investment management adviser: 357 active AR firms, representing 38.0% of the cohort.","content":{"sections":[{"heading":"Summary","items":["Hackford's UK Fund Host Report 2026 maps FCA principal and appointed representative relationship data across 42 principal firms and 940 distinct active appointed representative firms in fund-related activity categories.","The analysis focuses on regulatory fund hosts and appointed representatives connected to investment management adviser, hedge fund, growth capital, venture capital and private equity activity. It examines market concentration, principal rankings, 12-month relationship movement and AR activity categories.","The report finds that the 10 largest principal firms represent 61.5% of active in-scope AR firms, while 230 new active relevant appointed representative relationships were recorded over the past 12 months.","It is designed for regulatory hosting platforms, fund services providers, AIFMs, compliance consultancies, and teams selling into fund managers, investment firms and institutional appointed representatives."]},{"heading":"Key findings","items":["Hackford identified 42 principal firms in the fund-hosting cohort.","The cohort contains 940 distinct active appointed representative firms and 941 active principal/AR relationship rows.","The 10 largest principal firms represent 61.5% of distinct active in-scope AR firms.","Hackford identified 230 new active relevant appointed representative relationships over the past 12 months.","Twenty of the 42 principal firms grew their active AR count over the past 12 months, while 22 stagnated or declined.","Langham Hall has the largest active in-scope AR population in the report, with 113 active AR firms.","Investment management advisers are the largest activity category, with 357 active AR firms, or 38.0% of the cohort.","Venture capital, private equity and growth capital ARs account for 293 active AR firms, or 31% of the cohort."]},{"heading":"Methodology","items":["Hackford identified fund-hosting-related appointed representatives using FCA principal/AR relationship data, Hackford classifications, permissions, firm websites, public descriptions and market-segment taxonomy.","The 42-principal cohort began with firms identified as having at least three active AR relationships in the base fund-like subsegments: growth capital, hedge fund, investment management adviser, private equity and venture capital.","Hackford classifies firms according to their primary activity. This classification draws on multiple sources, including FCA permissions, firm websites, Companies House SIC codes and other publicly available information.","Relationship movement is measured from FCA-derived principal/appointed representative relationship records and should be read as regulatory relationship movement, not verified commercial performance."]},{"heading":"Who should read this","items":["Regulatory hosting and appointed representative platform sales or strategy teams","Fund services, AIFM and corporate services teams monitoring UK fund-manager formation and movement","Compliance consultancies and regtech teams serving fund managers, investment firms and institutional ARs","Journalists and researchers covering HM Treasury AR reform, fund hosting and the UK appointed representatives regime"]},{"heading":"Related Hackford searches","items":["Current appointed representatives in fund-related activity categories by principal firm","Principal firms with active investment-management, venture-capital, private-equity or hedge-fund appointed representatives","New and previous appointed representative relationships for selected regulatory hosts","Active AR firms by Hackford classification, principal relationship and FCA status"]},{"heading":"Source notes","items":["Figures refer to the FCA principal/appointed representative relationship data and Hackford classifications used for the June 2026 report.","The active AR total is counted by distinct appointed representative firm reference numbers across the cohort; the report also records 941 active principal/AR relationship rows.","Relationship movement reflects visible regulatory relationship records and does not necessarily indicate commercial wins, losses, launches or failures.","The report is an information resource only and is not endorsed by the FCA."]}],"dataset_summary":"The dataset covers 42 FCA principal firms, 940 distinct active appointed representative firms, 941 active principal/AR relationship rows, 1,715 previous relationship records and 230 new active relevant relationships over the 12-month period used in the June 2026 report.","definitions":[{"term":"Principal firm","definition":"An FCA-authorised firm responsible for appointed representatives carrying out regulated activities under its oversight."},{"term":"Appointed representative","definition":"A firm that can carry out regulated activities under the responsibility of an authorised principal firm."},{"term":"Fund-hosting cohort","definition":"The 42-principal cohort Hackford identified using principal/AR relationship data and fund-related activity classifications."},{"term":"Active AR firm","definition":"A distinct appointed representative firm reference number that is active with one of the cohort principals in the report data."},{"term":"Relationship movement","definition":"New, previous or changed FCA principal/appointed representative relationship records visible in the source data."}],"faqs":[{"question":"What does the UK Fund Host Report 2026 cover?","answer":"It covers FCA principal and appointed representative relationship data across 42 principal firms and 940 distinct active appointed representative firms in fund-related categories."},{"question":"How did Hackford define the fund-hosting cohort?","answer":"The cohort began with principal firms that had at least three active AR relationships in fund-like subsegments including growth capital, hedge fund, investment management adviser, private equity and venture capital."},{"question":"What does the top 10 share measure?","answer":"It measures the share of distinct active in-scope AR firm reference numbers represented by the 10 largest principal firms in the report cohort."},{"question":"Is the report endorsed by the FCA?","answer":"No. The report is an information resource only and is not endorsed by the FCA."}],"source_notes":["Figures refer to the FCA principal/appointed representative relationship data and Hackford classifications used for the June 2026 report.","The active AR total is counted by distinct appointed representative firm reference numbers across the cohort; the report also records 941 active principal/AR relationship rows.","Relationship movement reflects visible regulatory relationship records and does not necessarily indicate commercial wins, losses, launches or failures.","The report is an information resource only and is not endorsed by the FCA."]},"machine_readable_data":{"summaryMetrics":[{"label":"Principal firms","value":42,"description":"Principal firms in the fund-hosting cohort."},{"label":"Distinct active AR firms","value":940,"description":"Distinct active appointed representative firms across the cohort."},{"label":"Active principal/AR relationship rows","value":941,"description":"Active relationship rows before de-duplicating AR firm reference numbers."},{"label":"Previous relationship records","value":1715,"description":"Previous principal/appointed representative relationship records in the cohort."},{"label":"Top 10 share","value":"61.5%","description":"Share of distinct active AR firms represented by the 10 largest principals."},{"label":"New active relationships, 12 months","value":230,"description":"New active relevant AR relationships recorded in the past 12 months."},{"label":"Principals that grew, 12 months","value":"20 / 42","description":"Principal firms that increased their active AR count over the period."},{"label":"Largest activity category","value":"Investment management adviser","description":"357 active AR firms, representing 38.0% of the cohort."}],"tables":[{"name":"Top 15 principals by active AR firms","description":"Principal ranking in the June 2026 report.","columns":["rank","display_name","principal_name","frn","active_ar_firms","share_of_active_ar_firms"],"rows":[{"rank":1,"display_name":"Langham Hall","principal_name":"Langham Hall Fund Management LLP","frn":"746018","active_ar_firms":113,"share_of_active_ar_firms":"12.0%"},{"rank":2,"display_name":"RQC Group","principal_name":"Robert Quinn Advisory LLP","frn":"548030","active_ar_firms":103,"share_of_active_ar_firms":"11.0%"},{"rank":3,"display_name":"Kroll","principal_name":"KROLL SECURITIES LTD.","frn":"466588","active_ar_firms":64,"share_of_active_ar_firms":"6.8%"},{"rank":4,"display_name":"Khepri/Suntera","principal_name":"KHEPRI ADVISERS LIMITED","frn":"692447","active_ar_firms":60,"share_of_active_ar_firms":"6.4%"},{"rank":5,"display_name":"Capricorn","principal_name":"CAPRICORN FUND MANAGERS LIMITED","frn":"505252","active_ar_firms":51,"share_of_active_ar_firms":"5.4%"},{"rank":6,"display_name":"Thornbridge","principal_name":"Thornbridge Investment Management LLP","frn":"713859","active_ar_firms":44,"share_of_active_ar_firms":"4.7%"},{"rank":7,"display_name":"Laven Partners","principal_name":"Laven Advisors LLP","frn":"447282","active_ar_firms":43,"share_of_active_ar_firms":"4.6%"},{"rank":8,"display_name":"Sturgeon Ventures","principal_name":"Sturgeon Ventures LLP","frn":"452811","active_ar_firms":41,"share_of_active_ar_firms":"4.4%"},{"rank":9,"display_name":"Brooklands Fund","principal_name":"Brooklands Fund Management Limited","frn":"757575","active_ar_firms":34,"share_of_active_ar_firms":"3.6%"},{"rank":10,"display_name":"G10 Capital","principal_name":"G10 Capital Limited","frn":"648953","active_ar_firms":26,"share_of_active_ar_firms":"2.8%"},{"rank":11,"display_name":"Leela","principal_name":"LEELA REGULATORY SOLUTIONS LIMITED","frn":"845185","active_ar_firms":25,"share_of_active_ar_firms":"2.7%"},{"rank":12,"display_name":"Sapia Partners","principal_name":"Sapia Partners LLP","frn":"550103","active_ar_firms":24,"share_of_active_ar_firms":"2.6%"},{"rank":13,"display_name":"Frank Investments","principal_name":"Frank Investments Limited","frn":"627697","active_ar_firms":22,"share_of_active_ar_firms":"2.3%"},{"rank":14,"display_name":"Connexion Capital","principal_name":"Connexion Capital LLP","frn":"480006","active_ar_firms":20,"share_of_active_ar_firms":"2.1%"},{"rank":15,"display_name":"JTC Group","principal_name":"JTC GAS UK LLP","frn":"551769","active_ar_firms":17,"share_of_active_ar_firms":"1.8%"}]},{"name":"Top activity categories by active AR firms","description":"Hackford classifications for active AR firms in the report cohort.","columns":["classification","active_ar_firms","share_of_active_ar_firms","principal_firms","new_relationships_12m"],"rows":[{"classification":"Investment management adviser","active_ar_firms":357,"share_of_active_ar_firms":"38.0%","principal_firms":35,"new_relationships_12m":105},{"classification":"Venture capital","active_ar_firms":162,"share_of_active_ar_firms":"17.2%","principal_firms":28,"new_relationships_12m":26},{"classification":"Private equity","active_ar_firms":118,"share_of_active_ar_firms":"12.6%","principal_firms":27,"new_relationships_12m":32},{"classification":"Corporate finance advisory","active_ar_firms":82,"share_of_active_ar_firms":"8.7%","principal_firms":24,"new_relationships_12m":14},{"classification":"Investment support services","active_ar_firms":63,"share_of_active_ar_firms":"6.7%","principal_firms":24,"new_relationships_12m":19},{"classification":"Hedge fund","active_ar_firms":61,"share_of_active_ar_firms":"6.5%","principal_firms":15,"new_relationships_12m":17},{"classification":"Private placement","active_ar_firms":43,"share_of_active_ar_firms":"4.6%","principal_firms":16,"new_relationships_12m":9},{"classification":"Broker","active_ar_firms":16,"share_of_active_ar_firms":"1.7%","principal_firms":10,"new_relationships_12m":1},{"classification":"Growth capital","active_ar_firms":13,"share_of_active_ar_firms":"1.4%","principal_firms":7,"new_relationships_12m":2},{"classification":"Wealth manager","active_ar_firms":11,"share_of_active_ar_firms":"1.2%","principal_firms":9,"new_relationships_12m":1}]},{"name":"Top-eight principal active AR movement","description":"Endpoint movement from July 2025 to June 2026 in the report line chart.","columns":["display_name","start_period","start_active_ars","end_period","end_active_ars","delta","growth_pct"],"rows":[{"display_name":"Langham Hall","start_period":"2025-07","start_active_ars":92,"end_period":"2026-06","end_active_ars":113,"delta":21,"growth_pct":"22.8%"},{"display_name":"RQC Group","start_period":"2025-07","start_active_ars":90,"end_period":"2026-06","end_active_ars":103,"delta":13,"growth_pct":"14.4%"},{"display_name":"Kroll","start_period":"2025-07","start_active_ars":62,"end_period":"2026-06","end_active_ars":64,"delta":2,"growth_pct":"3.2%"},{"display_name":"Khepri/Suntera","start_period":"2025-07","start_active_ars":58,"end_period":"2026-06","end_active_ars":60,"delta":2,"growth_pct":"3.4%"},{"display_name":"Capricorn","start_period":"2025-07","start_active_ars":34,"end_period":"2026-06","end_active_ars":51,"delta":17,"growth_pct":"50.0%"},{"display_name":"Thornbridge","start_period":"2025-07","start_active_ars":46,"end_period":"2026-06","end_active_ars":44,"delta":-2,"growth_pct":"-4.3%"},{"display_name":"Laven Partners","start_period":"2025-07","start_active_ars":41,"end_period":"2026-06","end_active_ars":43,"delta":2,"growth_pct":"4.9%"},{"display_name":"Sturgeon Ventures","start_period":"2025-07","start_active_ars":37,"end_period":"2026-06","end_active_ars":41,"delta":4,"growth_pct":"10.8%"}]}],"notes":["Top-10 share is calculated on distinct AR firm reference numbers, de-duplicating an AR firm active under more than one top-10 principal.","The top-10 principal bar values sum to 579, while the de-duplicated top-10 market-share numerator is 578.","Relationship movement is regulatory-record movement and should not be treated as verified commercial performance."]},"checksum":"09042f68df9c31e773f3bb47628af5cb91f261b52bcb9e7ccc379d4a987f6e69","last_modified":"2026-06-02T00:00:00.000Z"}