BNY Mellon gets AIFMD go-ahead from FCA
The depositary bank is now authorised in six European markets including the UK, Ireland, Belgium, Germany, the Netherlands and Luxembourg.
“The AIFM directive has been a major focus for BNY Mellon over the past 18 months,” said Peter Craft, head of trustee and depositary services for Emea at BNY Mellon.
“By the time we hit the July 22 deadline, we will have been able to onboard the vast majority of our 70-plus AIF clients.”
Hani Kablawi, Emea head of asset servicing at BNY Mellon, said the bank had established prime broker agreements, rolled out systems to support the heightened activity and build data feeds from more than 20 external data providers.
"It has required a major effort in terms of planning, investment and man-hours to reach this position, but I’m pleased to say we and our clients are ready for the July 22 deadline,” said Kablawi.
Two recent surveys revealed a widespread lack of preparation for the AIFM directive deadline, July 22, within the industry.
EU AIFMs looking to market their EU AIFs via the pan-European marketing passport introduced by the directive need to have submitted their application authorisation by this date.
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