Dublin-Based AIF Appoints State Street

Marketfield Asset Management has appointed State Street to provide depositary, fund administration, regulatory reporting, risk reporting and liquidity monitoring services for their Marketfield Dublin Fund.

The fund, which previously existed as a Cayman Islands registered fund, has been re-domiciled to Ireland as a Qualified Investor Alternative Investment Fund (QIAIF), making it available in Europe under AIFMD, and is one of the first new AIFs authorized in Ireland under AIFMD.

“We will provide a depositary solution which gives oversight, cash monitoring, safekeeping and ownership verification services, in addition to regulatory reporting on assets, risk management and liquidity monitoring,” says Susan Dargan, executive vice president and head of State Street global services in Ireland.

Michael Shaoul, chairman and chief executive officer of Marketfield Asset Management says, “Our decision to re-domicile our fund to Europe under the new AIFMD regime was consistent with our mission to provide a liquid transparent portfolio that operates in a widely respected regulatory environment. As a result we required the services of an administrator with a high degree of competence who would be comfortable operating under close regulatory scrutiny while calculating the fund’s NAV on a daily basis. We are very comfortable with our choice of State Street in Dublin to fulfil this crucial role.”