US Bank has gone live with its first client on its newly launched European depositary platform, enabling it to expand its Irish-based fund services franchise.
Leadenhall Capital Partners, a London-based $5.5 billion hedge fund manager, will use US Bank for depositary services for its Irish-domiciled UCITS ILS Fund, including asset safekeeping, fiduciary oversight and cash monitoring.
US Bank Global Fund Services Ireland also serves as the principal fund administrator and investor services provider for Leadenhall’s funds, and is s the first client to go live on the European depositary platform since its launch last year.
“We had high expectations when we announced our new depositary solution last year,” said Breda Sullivan, US Bank head of depositary services for Europe. “Now, with a client like Leadenhall selecting us to serve in this important role, it further affirms the product we’ve developed and our capabilities to deliver a client-centric solution.”
The new offering will expand US Bank’s range of UCITS fund clients in Europe and enable it to compete with established European fund administrators.
Under the Alternative Investment Fund Managers Directive (AIFMD), EU-domiciled investment managers are required to appoint a single depositary bank for each UCITS fund they run.
“The team at US Bank partnered with us to identify all our custodial, reporting and operational needs. They provided us with a flexible, cost-effective solution that meets all necessary regulatory requirements and gives us great confidence in their fiduciary oversight,” added Chris Learmouth, chief operating officer, Leadenhall Capital Partners.
The US Bank Depositary Services platform is authorised and supervised by the Central Bank of Ireland in the provision of services to Irish schemes.