BNP Paribas Securities Services launches AIFMD depositary service
BNP Paribas Securities Services has launched an AIFMD depositary banking service aimed at asset managers distributing non-European alternative investment funds into Europe.
The service will help these asset managers comply with AIFMD (Alternative Investment Fund Managers Directive), a European directive designed to introduce new levels of security and investor protection to the European fund management landscape.
As part of what is known as a ‘depositary-lite’ service, BNP Paribas Securities Services will offer safekeeping, oversight and cash monitoring of assets to a client base including managers of hedge funds, funds of hedge funds, private equity and real estate funds, on either a single or multi-provider basis as per the clients’ needs.
Arnaud Claudon, head of depositary and fiduciary services at BNP Paribas Securities Services, says: “This offering is a subset of our full depositary service, enabling clients to benefit from our expertise in each asset class and our 20-year track record in depositary banking. It is a great example of how our flexible service package can be tailored to meet the differing needs of clients around the world.
“With an on-the-ground presence in all major European domiciles, we bring our clients the benefit of local expertise combined with a global scale.”