Maitland has received approval from the Luxembourg regulator (CSSF Luxembourg) for its Alternative Investment Fund Manager Directive (AIFMD) compliant management company and specialised investment fund.
Together, they provide fund managers with a solution to the regulatory and supervisory burden associated with the AIFMD, enabling them to focus on their core fund management activities.
MS Management Services, a Luxembourg-based subsidiary of the Maitland group, has been authorised by the CSSF to act as an alternative investment fund manager (AIFM) to third-party alternative investment funds (AIFs) as well as to the new Maitland AIF platform, MS SICAV SIF.
MS SICAV SIF is a multi-compartment specialised investment fund established under Luxembourg law which has the requisite regulatory approval, constitutional documents, service providers and legal agreements in place. MS SICAV SIF provides alternative fund manager clients with the facility to set up their own-branded sub-funds on the platform allowing them to market and distribute to professional investors in the European Union and beyond while complying with the AIFMD.
The AIFMD came into force on 22 July 2013 and seeks to create a comprehensive and effective regulatory and supervisory framework for alternative fund managers that carry on business within the EU. Fund managers that are affected need to apply for authorisation to operate as an AIFM by 22 July 2014.
MS Management Services will offer fully compliant AIFMD management company services encompassing the following:
· Authorisation as an AIFM
· Governance
· Operational substance
· Investment management services
· Administration services
· Reporting under AIFMD
· Oversight of all delegated functions
Director of MS Management Services Kavitha Ramachandran says: “We are pleased to offer clients a simplified solution which removes the administrative burden. Through Maitland’s Luxembourg manco, fund managers now have access to a comprehensive platform for product construction and innovation in the EU and beyond.”
Maitland CEO Steve Georgala says: “This development completes our comprehensive end-to-end fund services offering in Luxembourg. We have operated in the country since 1976 and there is no doubt that Luxembourg has become the premier jurisdiction for domiciling alternative investment funds. It sets exacting requirements and demands high standards of skills and experience, substance and reporting transparency. This provides investors with the comfort they are demanding in the wake of the global financial crisis.”
