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SGSS Ireland launches depo lite service
29 April 2014
Aimed at asset managers facing EU AIFM directive
Societe Generale Securities Services (SGSS) Ireland has
introduced a new offering to help asset managers in and outside
of Europe to meet the rules of the Alternative Investment Fund
Managers (AIFM) directive.
The service will help AIFMs comply with depositary lite,
which stipulates that they must appoint at least one external
entity to execute cash flow monitoring, safekeeping of assets
and oversight duties.
All AIFMs in the European Economic Area – comprising
the 27 EU member states in addition to Iceland, Liechtenstein
and Norway – that market non-EEA AIFs to professional
investors in EEA countries using private placement regimes must
meet this requirement.
The new offering is an extension of SGSS’s
existing AIFM directive reporting service for asset managers
and their funds.
The firm will implement a depositary lite solution for each
AIFMs’ funds that come under the directive.
SGSS said in a statement that its experts would work on behalf
of these clients, allowing them to concentrate on their core
investment activities, while ensuring that they are fully
compliant with the AIFM directive.