Richard Fletcher
Verified
Former newspaper delivery boy. Now business editor of @thetimes and (proud) south Londoner
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Articles by Richard Fletcher
Private Credit And UK Life Insurers: Structuring For Matching Adjustment
Over the next decade, an estimated £600bn of assets is expected to move from UK defined benefit pension schemes to insurers, with around £150bn having been transferred in the last three years. UK defined benefit pension schemes have undergone major transformation in recent years. Improved funding levels have left many schemes fully funded or in surplus for the first time in decades.
Private credit and UK life insurers: structuring for matching adjustment
UK defined benefit pension schemes have undergone major transformation in recent years. Improved funding levels have left many schemes fully funded or in surplus for the first time in decades. This presents a historic opportunity to de-risk, resulting in an unprecedented flow of assets into the pension risk transfer market. As these assets and liabilities move to insurers' balance sheets, the rules that apply to them change significantly.
Bridging The Funding Gap: The Convergence Of Fund Finance And Structured Finance As A Liquidity Tool
Richard Fletcher’s articles from Macfarlanes LLP are most popular: with readers working within the Banking & Credit industries Macfarlanes LLP are most popular: within Intellectual Property and Energy and Natural Resources topic(s) In a market characterised by slower exits, elongated hold periods and tighter bank balance sheets, and buffeted by not insignificant volatility resulting from current macroeconomic and geopolitical events, asset managers and their lenders are increasingly importing...
Rated Note Feeders: Structuring Access To Private Capital
Harriet Miller’s articles from Macfarlanes LLP are most popular: with readers working within the Banking & Credit, Business & Consumer Services and Securities & Investment industries Macfarlanes LLP are most popular: within Intellectual Property topic(s) They repackage an economic exposure to a private capital fund into a debt instrument and by doing so offer a means of accessing the underlying fund other than by way of acquiring an equity interest.
The Expanding Role Of Back Leverage: “Loan-on-Loan” For Non-real Estate Assets
Macfarlanes LLP are most popular: within Energy and Natural Resources topic(s) with Finance and Tax Executives with readers working within the Accounting & Consultancy industries Back leverage, including by way of what are commonly known as “loan-on-loan” financing structures, has fast become a staple of the commercial real estate (CRE) lending market, enabling credit funds and other non-bank lenders to leverage loans originated and made against CRE.
Evergreen fund models – comparative analysis
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Insights for your role Article 29 April 2026 | 1 minute read We have advised on the launch of a significant number of evergreen funds in recent years, particularly in the private credit space.
By Pete Chapman Verified, Chris Daniel, Richard Fletcher Verified, Lora Froud, Christopher Good, Harriet Miller, Ryan Moore, Stephen Ross
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macfarlanes.com
Getting Creative: Strategies For Turning Around A Poor Performing Fund
Jat Bains’s articles from Macfarlanes LLP are most popular: in North America with readers working within the Media & Information industries Macfarlanes LLP are most popular: within Energy and Natural Resources topic(s) Amid the macro-economic turbulence and geopolitical shifts that have so far characterised the 2020s, exit routes for funds have become constricted: traditional IPO exits have narrowed, leverage models have tightened amid higher interest rates, and a persistent valuation gap has...
NAV-igating The Future: Trends From The 15th FFA Global Symposium
Macfarlanes LLP are most popular: within Strategy topic(s) It did not take many conversations at the 15th Fund Finance Association Global Symposium in early February, nor a deep review of the conference agenda, before the key trends in the fund finance market became clear.
Is this the end of the Magnificent Seven?
Welcome to the Sunday Pivot. A huge thank you to all of you who have shared this email with colleagues, clients and friends. It is much appreciated - please do keep spreading the word. If you were forwarded the email please subscribe to make sure you receive it every weekend - it is free. Every Sunday, I’ll bring you my personal perspective on the business, economic, and market stories I expect to dominate the coming week.
Insurers And The EU Securitisation Reforms: An Asset Class Finally Unlocked?
M Macfarlanes LLP More Macfarlanes is a pre-eminent law firm advising a global client base across Private Capital, Private Wealth, M&A and Disputes. We are large enough to handle the most complex and demanding mandates yet focused enough to remain agile and responsive. Our size enables us to know each other well, collaborate seamlessly and adapt quickly to our clients’ evolving needs. Our independence shapes the way we work.
The ‘Chicken King’ with a plan to reform the UK’s food system
Ranjit Singh Boparan is standing in the middle of one of the food aisles in the M&S store in the Birmingham Bullring. He has grabbed a pack of M&S Collection 8 Hours Slow Cooked Black Dal off the shelf. “There is a lot of debate about homemade versus shop curry. This matches homemade,” he boasts as he waves the packet in the air. Boparan was nicknamed the “Chicken King” in the 2000s, but a few minutes in the food aisle of M&S reveals the true breadth of his 2 Sisters Food Group today.
Digital News Report 2025
Join our free newsletter on the future of journalism In every email we send you'll find original reporting, evidence-based insights, online seminars and readings curated from 100s of sources - all in 5 minutes. Twice a week More than 20,000 people receive it Unsubscribe any time signup block
Digital News Report 2025
This year’s report comes at a time of deep political and economic uncertainty, changing geo-political alliances, not to mention climate breakdown and continuing destructive conflicts around the world. Against that background, evidence-based and analytical journalism should be thriving, with newspapers flying off shelves, broadcast media and web traffic booming.
The Growth Of Asset-based Finance In Private Credit Markets
M Macfarlanes LLP More We are a London-based law firm, built and shaped around the needs of our clients. Our blend of expertise, agility and culture means we have the flexibility to meet our clients’ most challenging demands and to champion innovation.
NAV Facilities To Private Equity And Private Credit Borrowers
The pressures of the recent macro-economic environment and the desire of fund managers to use leverage to efficiently increase returns have driven demand for leverage solutions and liquidity alternatives. Fund net asset value (NAV) – secured against the value of a fund's portfolio – is one such alternative that has garnered significant popularity in recent times as other sources of capital have become increasingly expensive.
Evergreen Funds – Comparative Analysis
M Macfarlanes LLP More Macfarlanes is a pre-eminent law firm advising a global client base across Private Capital, Private Wealth, M&A and Disputes. We are large enough to handle the most complex and demanding mandates yet focused enough to remain agile and responsive. Our size enables us to know each other well, collaborate seamlessly and adapt quickly to our clients’ evolving needs. Our independence shapes the way we work.
Fund Finance 2025
In this chapter, we will discuss what constitutes "umbrella facilities" (including how they compare and contrast with more standard fund finance facilities) and explore the pros and cons of using these products from the perspective of a sponsor. We will also identify the types of funds that typically utilise umbrella facilities, and discuss the outlook for the future of umbrella facilities in the market.
Court Of Appeal Hands Down Decision In Motor Finance Test Case
In a judgment with implications far beyond motor finance industry, the Court of Appeal has dealt a blow to lenders in a motor finance test case. On 25 October 2024, the Court of Appeal handed down judgment on Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd, three test cases concerning the payment of commissions to car dealers arranging motor finance.
Basel 3.1 - fuel to further accelerate the growth of private credit?
Basel 3.1 (also referred to as Basel IV and the Basel Endgame) will make significant changes to the methods for measuring risk-weighted assets (RWAs) which are used to determine the minimum level of regulatory capital that a bank is required to maintain to absorb unexpected losses.
Digital News Report 2024
This year's report reveals new findings about the consumption of online news globally. It is based on a YouGov survey of more than 95,000 people in 47 countries representing half of the world's population. The report looks at the growing importance of platforms in news consumption and production, including more visual and video-led social media such as TikTok, Instagram and YouTube.
Welcome to Western Sydney Business Access
So researchers involved in these areas have to decide very carefully how to promote their findings to stop their work from being taken out of context. The latest chapter of the “shared care” debate shows how tricky this can be. The 2006 reforms to the Family Law Act promoted the idea of fathers and mothers sharing the care of their children after separation.
EU-niversal due diligence: the saga continues
ESMA gave the securitisation industry an early Christmas present on 21 December 2023 by publishing a consultation paper, Consultation on the Securitisation Disclosure Templates, which invites comments by 15 March 2024 on the four following policy options to revise the securitisation disclosure framework: putting on hold the review of the existing disclosure templates until the next review of the EU securitisation regulation; introducing a few refinements to the existing disclosure templates;...
EU-niversal due diligence: the saga continues
ESMA gave the securitisation industry an early Christmas present on 21 December 2023 by publishing a consultation paper, Consultation on the Securitisation Disclosure Templates, which invites comments by 15 March 2024 on the four following policy options to revise the securitisation disclosure framework: putting on hold the review of the existing disclosure templates until the next review of the EU securitisation regulation; introducing a few refinements to the existing disclosure templates;...
What Is Included In The AIFMD II Provisional Agreement?
On 19 July, the EU's institutions reached a provisional agreement on revisions to the AIFMD (AIFMD II) and parts of the UCITS regime. The provisional agreement concludes the political negotiations. A period of legal and technical negotiation will follow to clarify and agree the drafting of the legislative text. The "technical trialogue" meetings are scheduled for early September. Therefore, we expect the final legislative text to be published in late September.
A lender for every dilemma: FFA 2023 Symposium panel discussion on non-bank lenders
At the 7th Annual European Fund Finance Symposium this week, our co-head of fund finance, Richard Fletcher, chaired a panel on non-bank lenders and what is needed for more growth in this area. A lively conversation on challenges and progress was had by the panellists: Shelley Morrison from abdrn, Stephen Quinn from 17 Capital, Victoria Stewart from Partners Group, Slade Spalding from NLC, and Andrew Husdan from Clifford Chance.
A lender for every dilemma: FFA 2023 Symposium panel discussion on non-bank lenders
At the 7th Annual European Fund Finance Symposium this week, our co-head of fund finance, Richard Fletcher, chaired a panel on non-bank lenders and what is needed for more growth in this area. A lively conversation on challenges and progress was had by the panellists: Shelley Morrison from abdrn, Stephen Quinn from 17 Capital, Victoria Stewart from Partners Group, Slade Spalding from NLC, and Andrew Husdan from Clifford Chance.
Trending topics from the FFA European Fund Finance Symposium 2023
Macfarlanes were proud to again sponsor the Annual European Fund Finance Symposium in London this week, now in its seventh iteration, and providing as much food for thought as ever. The “buoyant” NAV facility space was a focus for many of the sessions, with many participants citing the view that these types of facilities proved their worth during the pandemic, occasioning an influx of new lenders and innovations.
Digital News Report 2023
Highlights from countries Greece. Only 19% trust most news most of the time in the country, making it the lowest figure in our sample. Mexico. The countryhas seen a steady decline in trust in the news from 50% in 2019 to 36% today. South Africa. 50% of our sample use TikTok for any purpose and 22% use it for news. Spain. Interest in news has fallen 34 points since 2015, one of the biggest declines in our survey.
Online mental health screening for rural fathers over the perinatal period
Materials and methods SMS4dads (www.sms4dads.com), a web-based program, sends brief SMS messages to fathers' (partners') mobile phones three times per week across the perinatal period addressing the areas of father–infant attachment, fathers' support for the mother and fathers' mental well-being. Participants can enrol at any time from 12 weeks' gestation and will receive messages until 48 weeks unless they opt out by texting ‘STOP’ to the program.
đš NEW research: newsrooms and platforms | New database
Why we launched the new Global South Climate Database The initiative. Voices from the Global South are often missing from the crucial coverage of the climate crisis. Thatâs why the Reuters Institute and Carbon Brief have just launched a searchable database of scientists and experts in the fields of climate and energy. More than 400 scientists from 80 countries have joined so far.
Quantifying the “infodemic”: People turned to trustworthy news outlets during the 2020 coronavirus pandemic
Abstract How did the 2020 coronavirus pandemic affect people's online news consumption? To understand this, we present a comparative analysis of data on an estimated 905B desktop and mobile visits to news outlets, and 54B Facebook engagements, generated by news outlets in the US, UK, France, and Germany between 2017 and 2021. We find that in 2020 online news consumption increased. Trustworthy news outlets benefited the most from the increase in web traffic.
š Our summer reading list on journalism worldwide
How to build a content model for successful podcasting The issue. Podcasting has experienced an incredible growth. Here are a few figures. The number of listeners in the United StatesĀ increased by almost 40% between 2010 and 2020, according toĀ The Infinite Dial.Ā The value in terms of revenue recorded by IAB increasedĀ from $479.1 million inĀ 2018Ā to $1.4 billion inĀ 2021. By 2024 that figure is projected to reach over $4 billion.
Concentration of online news traffic and publishers' reliance on platform referrals: Evidence from passive tracking data in the UK
Abstract Attention to online news is highly concentrated and increasingly shaped by platforms including search engines, social media, and aggregators that many use to find and access online news, potentially leaving some publishers highly reliant on platforms, raising the possibility of what has been called "platformization" or "infrastructural capture".
Will Pillar 1 gain impetus and reach a consensus based solution in 2021?
In brief On 14 and 15 January 2021, the OECD held a public consultation to address comments received from the public on the Draft Pillar 1 and Pillar 2 Blueprints (available here). The first day of the two-day consultation, which was held via video conference, addressed feedback received from stakeholders (businesses, trade associations, academia and NGOs) in December of 2020 on the Pillar 1 Blueprint.
Data transparency and accountability: Covid 19
Jan 19 2021 Tuesday 19 January 2021 Start times: 8.55am (private) 9.30am (public) Add to calendar
Men get postnatal depression too and they need help
England’s National Health Service (NHS) this week announced it will offer mental health screening and treatment for new and expectant fathers whose partners are suffering from mental illness. The NHS described this as a “radical action to support families”, and it certainly is an unusual step. In Australia, screening mothers for mental illness before and after birth is standard, but fathers are not routinely assessed at any point.
Men Get Postnatal Depression Too And They Need Help
In Australia, screening mothers for mental illness before and after birth is standard, but fathers are not routinely assessed at any point. The idea new fathers could also have mental health issues related to the birth may seem odd. But there is increasing evidence men experience postnatal mental health and adjustment issues that deserve attention. It is true that the rate of depression for new fathers, estimated at 10%, is around half that of mothers.
How Gardening Can Help A Stepdad
Here at Support For Stepdads, we’ve teamed up with the guys over at WhatShed to share with you some of the amazing benefits of gardening. Now you may have raised eyebrows as you’re asking yourself, “How can gardening help me as a stepdad?” well keep reading and prepare to have your mind blown. Gardening is not just for seniors looking for a hobby.
Thursday July 20 2017
Markets snap: The Nikkei closed up 0.62 per cent at 20,144.59. The FTSE 100, which closed at 7,430.91, is forecast to open 22 points higher when trading begins shortly. At 6.53am Brent crude was trading at $49.66 a barrel and the pound was trading at $1.302 against the dollar and at €1.131 against the euro. For the latest market-moving news follow me on Twitter @fletcherr.
Friday December 9 2016
Markets snap: The Nikkei closed up 1.23 per cent this morning at 18,996.37 having briefly topped the 19,000 level earlier in the session for the first time in a year. The FTSE 100, which closed at 6,931.55 yesterday, is forecast to open 4 points higher when trading begins shortly. At 6.52am Brent crude was trading at $54.08 a barrel and the pound was trading at $1.258 against the dollar and at €1.185 against the euro. For the latest on the markets follow me on on Twitter: @fletcherr.
Paying for Online News
Abstract Private news media across the world are trying to develop pay models for news. Our understanding of what drives behaviour and attitudes to paying for online news, however, remains limited.
The Public and News about the Environment
The headline results from our survey of over 50,000 people across 26 countries give the following five insights into the public’s interest in environment news: Our 2016 Digital News Report describes the results of the largest annual online survey of news consumption in the world. For the first time, we asked those surveyed how interested they are in news about the environment (as well as 11 other news topics).
‘Wild Noise’ at El Museo Nacional de Bellas Artes
In 1986, seeking to better connect with the borough’s diverse population, the Bronx Museum began collecting works by artists of African, Asian, and Latin American ancestry. The same year, the second Havana Biennial broadened its focus beyond the art of the Caribbean and Latin America to include artists from Africa, Asia, and the Middle East.
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