The Madrid office of BNP Paribas Securities Services has been appointed depository bank and fund administrator by Siitnedif SGIIC, the alternative investment manager part of Spain’s Fidentiis Equities Group, for its new ‘Tordesillas’ hedge fund.
BNP Paribas will provide a complete investment administration implemenation to Siitnedif that includes fund accounting, NAV calculation and investment compliance monitoring, and via an outsourcing agreement, will also prepare regulatory reporting for the fund as well as assist Siitnedif in preparing reports for its investors.
“We are proud to be appointed by Siitnedif as depotbank and administrator for their new fund,” comments Alvaro Camunas, Head of BNP Paribas Securities Services in Spain.
“This mandate is evidence of our capacity for innovation and confirms our position as a pioneer in serving the alternative investments industry in Spain.”
“We chose BNP Paribas because of its clear support of the new hedge fund industry in Spain that is now established following local regulatory change,” comments Ricardo Seixas, Managing Director of Siitnedif. “BNP Paribas also brings us a proven experience in other European markets, as well as the commitment to take leadership in adapting services to meet local requirements here in Spain.”