Contact Us: +44 (0) 131 603 7020



Q: What is AIFMD?

A: This is the Alternative Investment Fund Managers Directive which was implemented by UK law in July 2013 and will have an impact on the regulatory environment and for some managers requiring registration as a minimum with the FCA. NCM can advise on the implications in relation to any particular manager/fund and whether a depositary is required (which can be provided by our sister company).

Q: What is a UCIS?

A: An Unregulated Collective Investment Scheme as further defined by s235 of Financial Services and Markets Act 2000. Essentially this is any entity where there is a pooling of monies with a view to creating profit and where the members/ordinary partners do not have day-to-day involvement in the management of the entity. It can be a Limited Partnership, Limited Liability Partnership or Trust.

Q: What is an FLP?

A: This is a Family Limited Partnership which is an unregulated collective investment scheme like any other, but often used as a tax efficient alternative to a family trust and the parties involved are all members of the same family. This is often used by families looking to carry out inheritance tax planning.

Q: Who needs the services of an FCA regulated operator?

A: Anyone looking to raise a fund should consider the structure and discuss with their legal and tax advisers or NCM, the need for an operator.


Q: Why do you need an FCA regulated operator?

A: See brief guide on publications page. Publications


Q: Can you help with structuring a fund?

A: Yes we can assist and work with your legal advisers to get the most efficient and suitable structure for your proposition.

Q: Do you give valuations on funds you act for?

A: Most of our funds are closed ended and not valued on anything other than an annual basis. Some are valued quarterly or half yearly but no daily NAV is calculated. We cannot give fund valuations but can supply copies of the latest accounts if these have been mislaid. Please call 0131 603 7020 for assistance.


Q: How do we get further information?

A: Please contact us directly for further information. Visit Contact Us for details on how to contact us.


Q: Do you give legal/tax advice?

A: No but we can introduce you to a number of advisers we feel will suit your potential fund with whom we have worked in the past. We will liaise with other tax advisers directly to avoid taking up valuable management time.


Q: Can you do the accounts for the General Partner/Management entity too?

A: Yes and we can also liaise with tax advisers and auditors to give a seamless service to the client.

Q: I see you are based in Edinburgh; do you work with English funds?

A: Yes – the majority of our clients are based in London and the South East and our team travel regularly and are always happy to meet face to face.