Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service to help European and non-European asset managers meet the requirements of the Alternative Investment Fund Managers Directive (AIFMD).
Dublin was chosen given its status as a hub for servicing alternative investment funds.
The AIFMD sets out a number of regulatory requirements, which need to be met by alternative investment funds marketed in the European Economic Area (EEA). All EEA alternative investment fund managers that market non-EEA alternative investment funds to professional investors in EEA countries using national private placement regimes, must comply with “Depositary Lite”, which requires that one or more external entities are appointed to carry out cash flow monitoring, safekeeping of assets and oversight duties.
In addition, some EEA countries, such as Germany, France and Denmark, have applied similar conditions for non-EEA fund managers that market non-EEA alternative investment funds in their country. SGSS fulfills the duties imposed by AIFMD on these clients, whilst ensuring that they are fully compliant with the Directive.
The “Depositary Lite” service is available as part of the overall SGSS securities services offering as well as on a stand-alone basis, providing clients with the expertise and security of one of Europe’s leading depositary banks.
This service complements the SGSS AIFMD reporting package for asset managers and their funds.
SGSS Launches Depositary Lite Service For Asset Managers
Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service to help European and non-European asset managers meet the requirements of the Alternative Investment Fund Managers Directive (AIFMD).
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