Overview
A Full-Scope AIFM is one of the three regulatory classifications of UK alternative investment fund managers (AIFMs), with the other two being Small Authorised AIFM and Small Registered AIFM.[1]
As at Q4 2025, there are 1,284 total UK AIFMs based on the total number of authorised and registered firms regulated by the FCA. Full-Scope AIFMs make up the majority (685 firms, or 53.3%), followed by 466 Small Authorised AIFMs (36.3%) and the remaining consisting of 133 Small Registered AIFMs (10.4%).
| Class |
Firm Count |
% of Total |
| Full-Scope |
685 |
53.3% |
| Small Authorised |
466 |
36.3% |
| Small Registered |
133 |
10.4% |
| Total |
1,284 |
100% |
Full-Scope AIFM
Under the UK AIFM regime, Managing an AIF is a regulated activity that covers the risk and portfolio management of alternative investment funds (AIFs), which is reflected as two Part 4A FCA permission variants based on the authorisation status of the fund being managed: Managing an Authorised AIF and Managing an Unauthorised AIF.[2]
A full-scope UK AIFM is defined in UK legislation as a UK AIFM that has a Part 4A permission to carry on the regulated activity of managing an AIF and is not a small authorised UK AIFM. In addition, AIFMs that fall below the small-AIFM thresholds (sub-threshold AIFMs) can choose to apply for authorisation as full-scope UK AIFMs on a voluntary (“opt-up”) basis, in which case the full-scope regime applies to them.[3]
The distinction between full-scope and small AIFMs is based mainly on aggregate assets under management (AUM). Under Article 3(2) AIFMD, as onshored into UK law, an AIFM is treated as a small AIFM where its total AUM (including leverage) does not exceed €100 million, or does not exceed €500 million where the portfolios under management are unleveraged and investors have no redemption rights for five years following their initial investment. AIFMs whose aggregate AUM exceeds these thresholds, or that do not meet the small-AIFM conditions, are treated as full-scope UK AIFMs; an AIFM that is below the thresholds but opts into the full-scope regime is also treated as a full-scope UK AIFM for regulatory purposes.[4]
Full-scope UK AIFMs are subject to the main set of requirements implementing the UK AIFM regime in the FCA Handbook. The FUND sourcebook identifies full-scope UK AIFMs alongside small authorised and small registered UK AIFMs as types of AIFM within scope of the regime. FUND 3: Requirements for alternative investment fund managers applies in full to full-scope UK AIFMs, covering (among other areas) own-funds and capital requirements, organisational and governance arrangements, risk and liquidity management, valuation, delegation of AIFM functions, depositary arrangements, investor disclosure, regulatory reporting and marketing of AIFs.[5]
See Also
Dataset of UK AIFMs