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BNY Mellon wins AIFMD mandate
14 April 2014
PGGM’s investment management arm selects BNY Mellon as depositary bank
PGGM Vermogensbeheer, the investment management arm of Dutch
pension fund administrator PGGM, has chosen BNY Mellon to
provide depositary services under the Alternative Investment
Fund Managers (AIFM) directive.
The mandate will cover €14bn of assets which are held
within five fixed income investment funds. In addition to
safekeeping, BNY Mellon will provide oversight functions and
perform cash monitoring.
The selection marks an extension of BNY Mellon’s
long-standing custodian relationship with PGGM.
"BNY Mellon’s local presence and expertise in the
Netherlands, our proven depositary and trust capabilities in
Europe, and the flexibility we can offer were all key factors
in PGGM’s decision to appoint us as their AIFM
directive depositary," said Leonique van Houwelingen, country
executive for the Netherlands at BNY Mellon.
"We are well-placed to provide comprehensive support for our
clients as they prepare for the far-reaching changes that the
directive will bring. In addition to new requirements around
reporting, operational, technology and control infrastructures,
the directive mandates the segregation of risk management and
valuation functions from portfolio management.
"Through our fully licensed Amsterdam branch, we are able to
provide comprehensive depositary bank services in The
Netherlands to ensure compliance before the final deadlines of
each respective regulation."
He added that BNY Mellon is committed to leading the way in
supporting Dutch fund managers with complying with the AIFM
Article 21 of AIFMD requires that an AIFM must appoint a single
depositary for each alternative investment fund it manages.