Abstract: A downhole tool for installing a tubing hanger in a well without an umbilical includes a body defining a primary flow path; a first connector at a first end of the body for mechanically connecting the tool to a tubing hanger; a second connector at a second end of the body for mechanically connecting the tool to a tubular or tool handling equipment; a locking actuator configured to move from a running position to a locking position under the action of fluid pressure, the actuator including an interface for engaging and moving a lock of a tubing hanger into a locked position as the actuator moves to the locking position; and a bypass valve activating system configured to operate a tubing hanger annulus bypass valve. The downhole tool is configured to move the locking actuator from the running position to the locking position, and operate a tubing hanger annulus bypass valve, without the use of an umbilical.