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Brexit Guidance for Fund Directors

A recent K&L Gates Client Alert outlines some questions boards may wish to ask as they evaluate how their funds may be affected by the UK’s Brexit vote.  The alert encourages boards to develop a familiarity with Brexit-related developments and to communicate with their advisers and other relevant service providers as the situation develops.  K&L recommends that boards think about some near-term issues, including which industries have been affected already and whether the fund’s investment strategy, liquidity, or risk management should be adjusted.  With respect to longer-term considerations, the alert suggests that boards have open communication with their advisers to stay abreast of developments as the situation, including the actual exit date, becomes clearer.