- 3 min
PROJECT Investment engages CACEIS as its depositary
The investment and real estate specialist, PROJECT Investment, has taken another major step towards compliance with the Alternative Investment Fund Managers (AIFM) Directive by engaging the CACEIS group as its depositary services provider. CACEIS is Europe’s premier fund administrator and custodian, and will provide full depositary services for Germany’s leading manager of purely equity-based real estate funds.
According to the German KAGB regulation, AIFMs must appoint a depositary for each AIF they manage, if it is to be marketed within the EU. The depositary has the responsibility for monitoring the fund assets held in custody as well as the AIF’s cash flows. As CACEIS in Germany is a specialist in servicing alternative and real estate assets in open- and closed-ended funds, PROJECT Investment selected the group to fulfil its depositary servicing needs.
Wolfgang Dippold, Managing Partner and Founder of the PROJECT Investment group stated, "Our decision to select CACEIS as our depositary services provider was based on the group’s extensive experience, well-proven stability, and the financial security that comes from working with Europe's largest depositary bank."
Holger Sepp, Co-Head and Member of the Management Board of CACEIS in Germany, welcomed PROJECT Investment to the group, stating, "We are very happy that PROJECT Investment has selected CACEIS to provide depositary services. Our services are designed not only to assist PROJECT Investment with meeting regulatory compliance goals, but also to provide high levels of asset security for the group and its investors.”
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 €2.5 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 2012).
About the PROJECT Investment Group
The PROJECT Investment Group specialises in the development, administration and management of investments in the real estate sector. Since 1995, the group has demonstrated the success and stability of its real estate strategies in any market situation and puts them into practice for the benefit of their investors. The purely equity-based product portfolio includes the PROJECT series funds, as well as solutions for private and institutional clients.
CACEIS, Deputy Group Communications Director
Tel.: +352 4767 2792
Tel.: +49 89 5400-1863