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FCA publishes first market-wide study of the UK alternative fund market, sized at £5.1tn

An FCA research note built from AIFMD regulatory returns maps the size, investor base, leverage and concentration of UK alternative fund management.

The FCA has published a research note analysing the UK alternative investment fund market using AIFMD data reported to the regulator.

It finds that the total net asset value of AIFs available to UK investors rose by 30% to £5.1tn in 2025, excluding overseas-managed ETFs.

Over the same period, NAV managed by UK AIFMs increased from £1.5tn to £1.8tn.

Institutional and other professional investors hold 90% of NAV, with retail investors accounting for 10%.

Hedge funds account for a disproportionate share of reported leverage, with median adjusted leverage ratios in 2025 of 812% for macro, 664% for managed futures and 358% for relative value strategies.

The FCA says the analysis has informed its proposals to modernise the UK AIFM regime.

Primary source

Financial Conduct Authority ↗

Written by Rainmakrr in our own words from the source above, published 3 September 2026.

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