Kas-Trust, the investment fund depository of Kas Bank, has been granted a license by the Netherlands Authority for the Financial Markets (AFM) to act as an investment company.
This is a step forward for KAS-Trust in realizing its plan of acting as an independent depositary for investment institutions under the Alternative Investment Fund Managers Directive (AIFMD). The license also gives KAS-Trust the ability to pass on orders in unlisted investment funds.
As of July 22 2013, investment institutions in the Netherlands will be subjected to a strict supervisory regime. One new aspect of the regime is that investment institutions targeting professional investors – including alternative funds such as private equity funds and real estate funds – will be subject to supervision. Many investment institution managers will need a license from the AFM under the new regime. One of the requirements for a license is that an independent depositary must be appointed for each investment fund.
KAS-Trust plans to act as an independent, neutral AIFMD depositary for investment funds. KAS-Trust currently operates as a depositary for investment funds covered by the Financial Supervision Act (Wft). It also manages affairs under a licence pursuant to the Trust Offices (Supervision) Act (Wtt).