BNP Paribas wins Hansa Trust mandate
BNP Paribas Securities Services has won a mandate to provide depositary banking services to Hansa Trust.
In accordance with the Alternative Investment Fund Managers (AIFM) directive, the depository will monitor cash movements within the trust’s funds and provide custody services.
The depository will also perform oversight duties to ensure management decisions comply with the fund prospectus and any relative regulation, as well as ensuring that shareholder’s interests are protected.
“From a very early stage in the implementation of AIFM directive in the UK, BNP Paribas recognised the impact,” said Stephen Thomas, CEO at Hansa Capital Partners.
“We have greatly benefitted from BNP Paribas’ forward thinking and the pragmatism they have shown throughout the process. This has enabled us to become fully compliant more than one month prior to the AIFM directive deadline.”
“For investment trusts such as Hansa, an important part of implementing the directive was to clarify the respective roles of depositary banks and investment trust boards to avoid duplication. We are delighted to be working with Hansa Trust,” said Linda Morisa, head of UK trustee and depositary services at BNP Paribas Securities Services.
Two recent surveys have revealed that there is a widespread lack of preparation in the funds industry.
In accordance with the Alternative Investment Fund Managers (AIFM) directive, the depository will monitor cash movements within the trust’s funds and provide custody services.
The depository will also perform oversight duties to ensure management decisions comply with the fund prospectus and any relative regulation, as well as ensuring that shareholder’s interests are protected.
“From a very early stage in the implementation of AIFM directive in the UK, BNP Paribas recognised the impact
“We have greatly benefitted from BNP Paribas’ forward thinking and the pragmatism they have shown throughout the process. This has enabled us to become fully compliant more than one month prior to the AIFM directive deadline.”
“For investment trusts such as Hansa, an important part of implementing the directive was to clarify the respective roles of depositary banks and investment trust boards to avoid duplication. We are delighted to be working with Hansa Trust,” said Linda Morisa, head of UK trustee and depositary services at BNP Paribas Securities Services.
Two recent surveys have revealed that there is a widespread lack of preparation in the funds industry.
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