- Haverstock Capital LLP has received FCA authorisation to operate as a European mid-cap equity investment manager.
- Judd Advisory led the authorisation effort, covering regulatory structuring, documentation, governance, risk, and operational readiness.
- Haverstock plans a research-driven long/short strategy in Developed Europe mid-caps (EUR 3–15bn), including the UK.
- Haverstock has retained Judd Advisory for ongoing compliance as it scales under continued FCA scrutiny.
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The successful authorisation of Haverstock Capital by the FCA is a significant milestone, particularly given the regulatory seriousness and competitiveness of the UK asset management sector. It grants Haverstock the regulatory license to perform investment management activities formally — a prerequisite for Institutional investors who often require FCA authorisation to invest. The fact Judd Advisory led not only on compliance mechanics but also on narrative and governance suggests that UK regulators continue to emphasise culture, structure, and risk management alongside written compliance.
Strategically, Haverstock’s positioning in the European mid-cap space (EUR 3-15 billion market-cap long/short equities) addresses a niche often underserved compared to large caps, with potential to attract investors seeking higher growth with ability to deliver differentiated alpha. The long/short strategy also adds flexibility in volatile or declining markets.
By engaging Judd Advisory for retained compliance support, Haverstock signals awareness that FCA authorisation is not a one-off checkpoint but an ongoing process. Operational readiness, governance, internal controls, and risk management will be under continuous scrutiny – especially under newer FCA priorities such as operational resilience, financial crime, and culture.
Open questions remain around capital raising: how much AUM (Assets Under Management) Haverstock currently manages or plans to raise, its track record in mid-cap long/short, the scalability of its research and risk infrastructure, and how it will differentiate given competition from other long/short managers and from long-only mid-cap funds. Also, regulatory changes ahead (e.g. around UK asset management regulation post-Brexit, UCITS/AIFMD alignment, IFPR principles) may impact margin, compliance burden, or operational costs.
For investors or potential LPs, this development reinforces the importance of regulatory footprint in manager due diligence. For service providers, demand for FCA authorisation advisory, compliance outsourcing, risk advisory is likely to increase, especially among emerging managers targeting institutional capital.
Supporting Notes
- Haverstock Capital succeeded in its FCA authorisation as of Jan 14, 2026 and is now able to “commence regulated investment management activities.”
- Judd Advisory’s role included project-management of the application, regulatory structuring advice, authorisation documentation, governance, risk management, operational readiness.
- Haverstock’s investment strategy focuses on European mid-cap equities (EUR 3-15bn market-capitalisation), declared as long/short, research-intensive, and includes Developed Europe companies including the UK.
- The CEO of Haverstock, Adam Davies, praised Judd Advisory as “pragmatic, responsive, and deeply knowledgeable about FCA expectations,” and was especially confident in the long-term compliance framework built during the process.
- Post-FCA approval, Haverstock has appointed Judd Advisory on a retained basis for ongoing compliance support.