Alter Domus launches depository service 11 July 2014London Reporter: Stephen Durham
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Alter Domus has been authorised by the UK Financial Conduct Authority (FCA) to act as a depositary.
Laurent Vanderweyen, CEO of Alter Domus, said: “We have recently made significant investment in the growth of our London office and this approval allows us to provide a complete solution to private equity and real estate firms globally, including enabling us to start onboarding clients that have selected us as their depositary.”
Alter Domus’s depositary service has been launched to support the alternative investments industry in meeting the new requirement for funds captured under the Alternative Investment Fund Managers Directive (AIFMD) to appoint an independent depositary.
The firm will provide full depositary services to private equity and real estate clients, including those investing in infrastructure and debt.
The role of a depositary compliant with the AIFMD requirements can be summarised in three main duties: safekeeping of assets, cash flow monitoring and other oversight duties such as overseeing fund compliance and transactions with investors.
Przemyslaw Koger, the firm’s UK head of depositary services, added: “Structures of alternative investment funds are often complex and the ownership of assets is normally established by looking through the chain of ownership of several investment vehicles often based in various jurisdictions.”
“Therefore, appointing a firm experienced in the real estate and private equity industry like Alter Domus to act as a depositary will be decisive in responding to the new challenges set by the directive.”
Alter Domus now offers depositary services in the UK, Luxembourg and Guernsey.
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