GRC In Focus

Episode 10: Hargreaves says Bitcoin has “no intrinsic value” | OpenAI setting up Tech's TOO BIG TO FAIL?

When the UK's largest retail investment platform prepares to sell a product it publicly states has “no intrinsic value” and "shouldn't be relied upon to help clients meet their financial goals," what does that tell you about Consumer Duty? When OpenAI obligates itself to $1 trillion in infrastructure commitments while still unprofitable, what could go wrong?In this episode of GRC in Focus, host Asad Bukhory, Asad explores how radical transparency alone might not be enough to meet Consumer Duty requirements, drawing comparison with the £11B car finance redress. Asad also explains how OpenAI could be creating tech’s TOO BIG TOO FAIL, and maps out the circular dependencies that could create systemic risks reminiscent of Nortel-Lucent vendor financing collapse that decimated the telecom sector in the 90s. He explains political incentives that make it nearly impossible for regulators to impose constraints on tech companies when "AI leadership = national security."

Episode 9: Man Group's malaise, Saba Capital's activist assault, First Brands spectacular downfall.

Man Group: 36% down, "nothing broken." UK trusts: £38B trapped in discounts, activist invasion imminent. Shadow banking: $10B hidden debt, triple-A bonds worthless. In this episode of GRC in Focus, host Asad Bukhory dissects three unfolding disasters: Man Group's underperformance, the UK investment trust discount crisis, and the emerging shadow banking risks.When Man Group's board accepts "nothing is broken" despite 36% share price collapse and three years of underperformance, what does that tell you about oversight? When UK investment trusts leave £38 billion in shareholder value trapped by structural inefficiency, who's actually minding the store? And when First Brands hides $10 billion in debt while Tricolor's triple-A bonds become worthless overnight, what does that say about shadow banking's $3 trillion time bomb?Asad reveals why technical compliance with governance codes is insufficient, and explains the "constructive challenge" gap that lets management narratives go unchecked. He breaks down the principal-agent problem destroying UK investment trust value and explains why Saba Capital’s activist ETF is the wake-up call boards refused to hear.From Man Group's dilemma to the shadow banking contagion spreading through pension funds and ISAs, this episode provides the governance reality check every board member, compliance officer, and fund manager needs right now.

Episode 8: AIFMD 2.0 - Why April 2026 Will Make or Break Your Fund

Think AIFMD 2.0 is just another regulatory update? You're wrong!AIFMD 2.0 isn't a minor regulatory tweak—it's the biggest revamp since 2011, and loan originators may need to overhaul their business model In this episode of GRC in Focus, host Asad Bukhory unpacks AIFMD 2.0's impact with just eight months until the April 16, 2026 go-live date. Asad explains how the new loan origination regime will impact "originate-to-distribute" strategies, forcing managers to choose between capital-draining risk retention or complete business model pivots. He reveals why every open-ended fund manager must now weaponise liquidity management tools or face investor exodus during the next crisis.Key Topics Covered: 1. The loan origination "capital trap" - 5% risk retention economics 2. Mandatory liquidity management tools for all open-ended AIFs 3. Enhanced substance requirements and delegation oversight 4. EU-UK regulatory divergence post-Brexit 5. Changes to the "originate-to-distribute" strategies 6. Swing pricing vs. dual pricing mechanics 7. Enhanced reporting and disclosure burdens This episode provides a framework for navigating AIFMD 2.0's minefield. A must listen for AIFMs, loan originators, and anyone who thinks they can wait until 2026 to start planning.

Episode 7: The Delegation Death Trap - Why "Set It and Forget It" Will Destroy Your Fund

Signing an outsourcing agreement is just the beginning - the FCA's February 2025 portfolio letter changes everything about delegation oversight.In this critical episode of GRC in Focus, host Asad Bukhory delivers a wake-up call to investment firms treating delegation as abdication. With the FCA's February 2025 portfolio letter identifying systematic deficiencies across £3 trillion in private assets, the message is clear: delegation oversight failures can destroy your fund, your reputation, and your regulatory standing. Asad exposes the "liability funnel" - regardless of delegation chains. He breaks down why traditional due diligence creates "oversight asymmetries" and explains why the convergence of new regulations - Consumer Duty, anti-greenwashing rules, operational resilience requirements, and DORA - demands sophisticated, integrated oversight frameworks. From NAV calculation governance to ESG substantiation, from cyber resilience to cross-border enforcement challenges, this episode provides the practical roadmap for building delegation oversight that actually works. Essential listening for ACDs, AIFMs, MiFID firms, and anyone who believes their job ends when the outsourcing contract is signed.

Episode 6: Beyond the 2/20 Playbook - Innovative Fund Structures Reshaping Private Equity.

Why smart GPs are abandoning the 10-year fund model for innovative fund structures solving the $4 trillion liquidity crisis plaguing traditional PE funds. In this episode of GRC in Focus, host Asad Bukhory challenges the traditional private equity model and explores the innovative fund structures that are revolutionizing how private capital operates. With $4 trillion in portfolio assets sitting in PE funds—40% held for more than 4 years—the industry faces unprecedented liquidity pressures that demand creative solutions. Asad breaks down some of the structures including Rolling Funds (the "Netflix model" of PE), Evergreen Funds offering perpetual capital, Parallel Funds enabling global fundraising, and Continuation Funds solving exit timing mismatches. He examines how these structures address the evolving needs of Limited Partners seeking flexibility, General Partners requiring longer hold periods, and the growing push to democratise private markets for individual investors. From the explosive growth of semi-liquid products ($350 billion market) to the regulatory implications of recent SEC rule changes, this episode provides essential insights for GPs looking to differentiate their offerings, LPs seeking better terms, and advisors navigating the future of private capital deployment.