2026 regulatory priories for investment management

Private markets continue to fuel asset management growth — but valuation governance is where credibility is won or lost. 

As private assets expand and reach broader investor bases, regulators are sharpening their focus on independence, challenge and valuation discipline. Weak frameworks don’t stay contained within finance teams — they directly affect fees, performance credibility and investor trust, and can quickly escalate into conduct and reputational risk. 

In asset management, growth without governance is a reputational risk waiting to happen. 
With market volatility and stress events never far away, firms can no longer afford to test valuation judgments only under pressure. Conflicts must be actively managed, assumptions robustly challenged and decisionmaking clearly governed — before conditions deteriorate. 

The firms that lead in 2026 will strengthen valuation governance now, not react later. 

David Morrey and Jonathan Charles explore the key themes shaping asset management in 2026, and what firms must do to move beyond scaledriven growth towards credible, resilient and regulatorready valuation frameworks.