Citi launches Dutch depository 24 July 2013Amsterdam Reporter: Mark Dugdale
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Citi has established a new depository in the Netherlands following the implementation of the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD went live on 22 July. It affects fund remuneration practices, marketing guidelines, documentation and reporting, and requires alternative investment fund managers to appoint a depository.
The bank’s new Dutch depository will support locally domiciled funds with service provider oversight, asset safekeeping and investment guideline and regulatory restriction monitoring.
Jan-Olov Nord has been appointed as head of depository services in the Netherlands for Citi’s securities and fund services, effective from 22 July.
“Our Dutch depository facility opens in readiness for AIFMD which fundamentally impacts the way our investment fund clients conduct their businesses,” said Sanjiv Sawhney, Europe, Middle East and Africa head of securities and fund services at Citi.
“We look forward to strengthening our presence in the Netherlands and Nord is the right person to help Citi’s clients, and the Dutch investment community, continue to grow internationally.”
Speaking about the implementation of AIFMD on 22 July, Sawhney said: “We have over 25 years experience offering tailored European depositary solutions and can meet the needs of all of the fund structures captured under AIFMD, including private equity, hedge, real estate and non-UCITS long funds.”
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