State Street Corporation has been appointed by Marketfield Asset Management to provide depositary, fund administration, regulatory reporting, risk reporting and liquidity monitoring services for the firm’s Dublin Fund.
The fund, which previously existed as a Cayman Islands registered fund, has been redomiciled to Ireland as a Qualified Investor Alternative Investment Fund (QIAIF), making it available in Europe under AIFMD, and is one of the first new AIFs authorised in Ireland under AIFMD.
Michael Shaoul, chairman and chief executive officer of Marketfield Asset Management, says: “Our decision to redomicile our fund to Europe under the new AIFMD regime was consistent with our mission to provide a liquid transparent portfolio that operates in a widely respected regulatory environment. As a result we required the services of an administrator with a high degree of competence who would be comfortable operating under close regulatory scrutiny while calculating the fund’s NAV on a daily basis. We are very comfortable with our choice of State Street in Dublin to fulfil this crucial role.”
“We are delighted to provide Marketfield with a comprehensive suite of services to assist them in meeting the requirements of AIFMD,” says Susan Dargan, executive vice president and head of State Street global services in Ireland. “We will provide a depositary solution which gives oversight, cash monitoring, safekeeping and ownership verification services, in addition to regulatory reporting on assets, risk management and liquidity monitoring.”