KAS-Trust B.V. has taken a significant step in realising its plan of acting as an independent depositary for investment institutions under AIFMD.
The fully owned subsidiary of KAS BANK N.V., and one of the largest independent depositaries of investment funds in the Netherlands, has been granted a license by the Netherlands Authority for the Financial Markets (AFM) to act as an investment company. The license also gives KAS-Trust the ability to pass on orders in unlisted investment funds.
As of 22 July 2013, investment institutions in the Netherlands will be subjected to a strict supervisory regime. One new aspect of the regime is that investment institutions targeting professional investors, including alternative funds such as private equity funds and real estate funds, will be subject to supervision.
Many investment institution managers will need a license from the AFM under the new regime. One of the requirements for a license is that an independent depositary must be appointed for each investment fund.
KAS-Trust plans to act as an independent, neutral AIFMD depositary for investment funds. KAS-Trust currently operates as a depositary for investment funds covered by the Financial Supervision Act.
Sicco Plesman, managing director at KAS-Trust B.V. said: "The grant[ing] of the license by the AFM is an important milestone for KAS-Trust and its AIFMD proposition."
"We already have considerable experience as a depositary under the Financial Supervision Act. Our plan to act as AIFMD depositary is therefore a logical move and a perfect fit with our neutral, independent position in the market."
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