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CACEIS expands its range of services for AIFM managers
Already Europe’s leading custodian and administrator for alternative investment funds (hedge funds, private equity, real estate and other non-UCITS funds) with assets approaching €300 billion, CACEIS is expanding its range of services to help fund managers comply with and take full advantage of the AIFM (Alternative Investment Fund Managers) Directive, under which they will soon be regulated.
With a range of services including fund structuring assistance, fund accounting, custody, derivatives clearing, collateral management, depositary functions, middle-office, risk management, financial reporting and much more, AIFMs will find that CACEIS is a unique provider, able to provide support and customised solutions for all of their needs, whatever the asset class.
CACEIS is already helping some fund managers to evaluate the implications of the AIFM Directive by providing operational support for adapting their organisation and internal procedures, in particular concerning the delegation of functions, risk management and the new regulatory reporting format.
These fund managers can also use the services of Luxcellence, a Luxembourg subsidiary of CACEIS, to manage their risks, structuring and the domiciliation of their funds.
Thanks to its extensive involvement in industry working groups, CACEIS anticipated the expansion of its responsibilities in terms of restitution of assets under depository and has made their security its priority. Through its private equity and real estate funds business line, CACEIS offers a unique and integrated combination of banking and middle and back-office outsourcing services, allowing AIFMs to improve their operational efficiency and risk management.
CACEIS has initiated discussions within its network with several local fund managers to help them consider the implications of the Directive, while keeping the characteristics of their market in mind. Conference debates have been organised for early this year in Germany, the UK, France and Asia to study the challenges posed by the Directive with AIFMs and to introduce them to CACEIS’s Asset Servicing range of solutions.
The AIFMD (Alternative Investment Fund managers Directive) establishes a harmonised framework for the management and distribution of alternative investment funds (AIFs) in the European Union. It sets the organisational rules and code of conduct for managers, authorises the cross-border distribution of AIFs to professional investors under the European passport and harmonises the responsibilities of the depositary at a European level. Starting in July 2013, every AIF will have to use the services of a depositary. The AIFM directive that came into force in 2011 must be transposed by Member States at latest by July 2013. Starting on this date, the new AIF managers will have to be approved as AIFMs if they wish to manage and distribute their funds within the European Union. Companies managing existing AIFs prior to July 2013 will have one year to comply with the new regulation.
CACEIS is the asset servicing banking group of Crédit Agricole dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a comprehensive range of high quality products and services covering depositary and custodial services, fund administration, middle office services, fund distribution support and issuer services. With assets under custody of €2.3 trillion and assets under administration of €1.1 trillion, CACEIS is one of the world market leaders in asset servicing and the largest depositary bank and the premier fund administrator in Europe (figures to 31 December 2011).
Deputy Group Communications Director
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