Seven Capital issues mandate to CACEIS 11 February 2014Luxembourg Reporter: Daniel Jackson
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Seven Capital Management has selected CACEIS in Luxembourg as custodian and administrator for its Seven Lux SICAV-SIF fund, whose BlackSnake sub-fund is the first to be granted a European passport for direct alternative investment fund management.
Founded in 2006, Paris-based Seven Capital Management is an independent management company specialising in performance management.
Last August, it became the first alternative investment management company in France to receive authorisation from the AMF, the French financial markets supervisory authority.
This authorisation permits it to manage its alternative investment funds within the EU, and using the cross-border marketing passport, market them throughout EU member states.
CACEIS is the asset servicing banking group serving institutional and corporate clients.
Seven Capital Management has also obtained the first European cross-border management passport enabling it to manage the BlackSnake sub-fund directly from France.
CACEIS is a custodian and administrator in Europe for alternative investment funds, and has strengthened its service offering following the entry into force of the Alternative Investment Fund Managers Directive in July 2013.
Since then, CACEIS has been offering a combination of banking, listed derivative clearing and middle and back-office outsourcing services, allowing funds that have received alternative investment fund manger authorisation to improve their operational efficiency and risk management.
Johann Schwimann, CEO of Seven Capital, said: “We needed a service provider with an intimate knowledge of the French and Luxembourg markets, and of issues relating to the AIFMD to support the launch of our SICAV SIF BlackSnake fund.”
“CACEIS demonstrated its alternative fund expertise to us during our discussions and proposed suitable services.”
Joseph Saliba, deputy CEO at CACEIS group, said: “With a strong presence in Europe, and particularly in France and Luxembourg, CACEIS has developed an overall service offering for AIFs, no matter what asset classes are involved.”
“We are delighted to work alongside Seven Capital Management as it capitalises on this first European cross-border passport for direct alternative investment fund management.”
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