BNP Paribas offers new depositary service 13 May 2014Europe Reporter: Tammy Facey
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BNP Paribas has launched an alternative investment fund managers directive (AIFMD) banking service. The AIFMD compliant service is aimed at asset managers distributing non-European investment funds into Europe.
BNP Paribas’ service will provide cash monitoring of assets for clients who fall under the hedge fund, private equity and real estate umbrella.
Arnaud Claudon, head of depository and fiduciary services said: “This offering is a subset of our full depositary service, enabling clients to benefit from our expertise in each asset class.”
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).
AIFMD will reportedly come into effect from 22 July 2014.
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