CACEIS has won regulatory approval to provide depositary and custody services for U.K. alternative investment fund managers.
The move is part of CACEIS’s strategy in targeting funds compliant with the Alternative Investment Fund Manager Directive (AIFMD), which states that funds must appoint a depositary bank.
“We focus on assisting UK-based alternative clients in meeting AIFMD’s local depositary requirements, and are now in a position to offer our full range of fund administration and middle-office services to those clients,” says Clara Dunne, CEO of CACEIS London branch.
Following the approval, CACEIS aims to build a fully-fledged asset servicing solution for its international fund manager clients with UK-domiciled mutual funds.
“We are in a strong position to provide depositary, custody and fund administration services to the UK’s alternative investment sector, in Europe’s premier AIF domicile,” adds François Marion, CEO of CACEIS.
In addition it has hired Owain McNeil as business development director for it U.K. clients. He will manage sales activity with U.K. asset managers, institutional investors, banks and brokers.
He joins from U.S. Bancorp where he was senior vice president for Sales in its London office. He has also held senior roles at HSBC and Citi.