A new report by London-based intelligence platform Hackford reveals the concentrated and competitive structure of the UK fund-hosting market, with the 10 largest principal firms accounting for 62% of in-scope appointed representative firms.
The UK Fund Host Report 2026 analyses FCA principal and appointed representative relationship data across 42 principal firms and 940 active appointed representative firms in fund-related categories including investment management advisers, hedge funds, venture capital, growth capital and private equity.
The findings show that regulatory hosting remains an important route to market for fund managers and investment firms, but that growth is being captured unevenly. Hackford identified 230 new active appointed representative relationships over the 42 principals in the past 12 months, yet only 48% of principal firms grew their AR count. The remaining 52% stagnated or declined.
The report comes as HM Treasury considers reforms to the appointed representatives regime, following a consultation that closed in April 2026. Proposed reforms are expected to increase scrutiny of principal firms and their oversight of appointed representatives.
Key findings from the report:
- 42: Principal firms identified in Hackford’s fund-hosting cohort
- 940: Distinct active appointed representative firms across the cohort
- 62%: Share of active in-scope appointed representative firms hosted by the 10 largest principal firms
- 230: New active relevant appointed representative relationships recorded in the past 12 months
- 48%: Proportion of principal firms that increased their active AR count over the past 12 months
- 52%: Proportion of principal firms whose active AR count stagnated or declined over the same period
- 113: Active in-scope appointed representative firms hosted by Langham Hall, the largest principal in the report
- 38%: Share of active in-scope AR firms classified as investment management advisers, the largest activity category in the cohort
- 69%: Share of active in-scope AR firms accounted for by investment management advisers and private-market-related categories combined
“Reg host firms are a key piece of infrastructure behind UK fund and investment firm launches. Our analysis shows this is definitely not a static market, but instead concentrated with fierce rivalry. New AR relationships are created, firms move, but growth is only captured by a small set of firms.
“Fund hosting is definitely more dynamic than it can look from the outside. There were 230 new active ARs in the past 12 months, but fewer than half of the principal firms grew their number of ARs. That means business is available, but it’s not flowing very evenly. For hosts, advantage definitely comes from knowing when fund managers and investment firms are forming or moving before those changes become obvious to the rest of the market.”
Dan Robinson, Founder and CEO of Hackford
