Private Markets Forum launches as “industry voice” of UK private markets
The Private Markets Forum (PMF), a new market-wide initiative, has launched with the aim to help shape the future of markets for shares in private companies in the UK and act as an “industry voice”.
What began as an initiative by JP Jenkins and InfinitX now comprises a broad coalition of participants from across the industry, including trading platforms, buy- and sell-side investors and advisers, financial markets infrastructure, lawyers and accountants.
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Geoff Towers is chair of the PMF and is also the senior independent director of PIMFA, which is the trade body for financial planning and wealth management.
He has more than 35 years of wealth management and investment services experience, including leadership roles at Citibank, Legal & General and Barclays International Funds Group, and most recently served as chief executive of BNY’s Pershing business in UK and Europe for six years.
In a press statement, PMF said it intends to be “an industry voice” and not that of a single party.
“PMF’s collaborative style helps identify the challenges, opportunities and answers in increasing liquidity for private securities,” PMF said.
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To date, the Forum has held four meetings and has been in contact with the Financial Conduct Authority and HM Treasury.
“With fast growth companies high on the government’s agenda, better liquidity is a key tool in increasing their ability to raise capital, to provide early backers with more exit options and to help investors create balanced portfolios. PMF is all about better liquidity, which will help deliver against these needs,” the Forum said in a statement.
“PMF’s broad spectrum of market participants means that it can and will support regulators and policy makers with industry-wide input and discussion on best practice, regulation such as PISCES and delivering on the growth agenda.”
The Forum added that it aims to ensure that UK private markets “evolve with clear positive economic impact for companies, investors and the UK as whole”.
Among the founding members of PMF are Edwin Richards, a corporate solicitor with JMW Solicitors, Andrew Foster, founder of InfinitX and director of JP Jenkins, and Andrew Stancliffe, head of execution services at Winterflood Securities.
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