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CACEIS provides custodian and fund administrator services to Seven Capital Management
Seven Capital Management has selected CACEIS in Luxembourg as custodian and administrator for its Seven Lux SICAV-SIF fund, whose BlackSnake sub-fund is the first to be granted a European passport for direct alternative investment fund management.
Founded in 2006, Paris-based Seven Capital Management is an independent and innovative management company specialising in absolute performance management. Last August it became the first alternative investment management company in France to receive AIFM (Alternative Investment Fund Managers) authorisation from the AMF, the French financial markets supervisory authority. This authorisation permits it to manage its alternative investment funds (AIFs) within the European Union, and using the cross-border marketing passport, market them throughout EU Member States. Seven Capital Management has also obtained the first European cross-border management passport enabling it to manage the BlackSnake sub-fund directly from France.
CACEIS is a leading custodian and administrator in Europe for alternative investment funds, and has strengthened its service offering following the entry into force of the AIFMD in July 2013. Since then, CACEIS has been offering a combination of banking, listed derivative clearing and middle and back-office outsourcing services, allowing funds that have received AIFM authorisation to improve their operational efficiency and risk management.
Johann Schwimann, CEO of Seven Capital Management stated: “We needed a service provider with an intimate knowledge of the French and Luxembourg markets, and of issues relating to the AIFMD to support the launch of our SICAV SIF BlackSnake fund. CACEIS demonstrated its alternative fund expertise to us during our discussions and proposed suitable services.”
Joseph Saliba, Deputy Chief Executive Officer at CACEIS group, said: “With a strong presence in Europe, and particularly in France and Luxembourg, CACEIS has developed an overall service offering for AIFs, no matter what asset classes are involved. We are delighted to work alongside Seven Capital Management as it capitalises on this first European cross-border passport for direct alternative investment fund management.”
CACEIS is the asset servicing banking group dedicated to institutional and corporate clients. Through offices across Europe, North America and Asia, CACEIS offers a broad range of services covering depositary and custody, fund administration, middle-office outsourcing, derivatives clearing, forex, securities lending, fund distribution support and issuer services. With assets under custody of €2.3 trillion and assets under administration of €1.3 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 2013).