Langham Hall has received Financial Conduct Authority (FCA) authorisation to act as a private equity Alternative Investment Fund (AIF) depositary acting for AIFs within the UK and EEA who market into the Europe.
In addition, the firm has received FCA authorisation to act as depositary for non-EEA AIFs (otherwise known as depositary lite) under the Alternative Investment Fund Managers Directive (AIFMD).
The difference between the two is the ability to select specific subsections of the normal PE AIF depositary role as identified under articles 21 (7/8/9) and provide these to a wider range of real estate, infrastructure and private equity clients to whom many other depositaries cannot act.
Rachael Lyon, Langham Hall's head of depositary, says "Rather than adopting an intrusive and heavily substantive ‘box ticking’ approach, Langham Hall has employed a risk based approach to its depositary services. We have tailored our services to each client, using the information they already generate and inserting ourselves into clients’ processes at more convenient times. We have already been able to work with our clients to close internal control gaps around cash and identify technical breaches of the LPA."
Managing partner, Rob Short, says: “Expanding our initial application to include depositary lite services became increasingly necessary as US and Asian fund managers close in on the 22nd July deadline. These managers still wanted to market to certain countries such as Germany and Denmark and therefore have had no choice but to embrace AIFMD’s depositary requirements. However they were unsure how the services would be delivered and who would be able to assist and we are delighted that we are now able to offer our services to these managers.”
Langham Hall’s depositary business currently acts for 25 clients (AIFMs) across the private equity, real estate and infrastructure sectors.
