Citi has established a depositary facility in the Netherlands and has appointed Jan-Olov Nord as the new depositary head in the country.
The bank can now support locally-domiciled funds with independent depositary capabilities including oversight of funds’ service providers, safekeeping of funds’ assets and daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
Nord’s appointment as head of Depositary Services, Netherlands for Citi’s Securities and Fund Services is effective from July 22. He has spent 15 years with Citi where he had responsibility for investment managers in the Dutch and world markets.
The new facility and Nord’s appointment are in response to AIFMD, which came into force on Monday, July 22.
“Our Dutch depositary facility opens in readiness for the Alternative Investment Fund Managers Directive (AIFMD) which fundamentally impacts the way our investment fund clients conduct their businesses,” said Sanjiv Sawhney, EMEA head of Securities and Fund Services at Citi. “We look forward to strengthening our presence in the Netherlands and Jan-Olov is the right person to help Citi’s clients, and the Dutch investment community, continue to grow internationally.”
Citi Opens AIFMD Depositary in the Netherlands
Citi has established a depositary facility in the Netherlands and has appointed Jan-Olov Nord as the new depositary head in the country. The bank can now support locally-domiciled funds with independent depositary capabilities.