London

London is a leading financial hub, with the deepest pool of asset management capital outside the United States. This economy is highly concentrated within two areas, the historic City of London and the modern towers of Canary Wharf, while alternative investment managers have tended to base themselves in the West End. While the physical market is deeply rooted in the city's infrastructure, the regulatory landscape is strictly national. Every activity an investment manager is authorised to conduct is governed by UK-wide national regulators.

London houses the managers rather than the vehicles, though not exclusively. English limited partnerships domicile a great deal of European private capital and the private fund limited partnership was built for it, while sponsors chasing a European passport go to Luxembourg or Dublin instead. Regulation and company registration sit with different institutions here, unlike the offshore centres where one body does both.