SGSS launches a “Depositary Lite” service offering

The AIFMD sets out a number of regulatory requirements which need to be met by alternative investment funds marketed in the European Economic Area (EEA). All EEA alternative investment fund managers that market non-EEA alternative investment funds to professional investors in EEA countries using national private placement regimes, must comply with “Depositary Lite”, which requires that one or more external entities are appointed to carry out cash flow monitoring, safekeeping of assets and oversight duties.

In addition, some EEA countries, such as Germany, France and Denmark, have applied similar conditions for non-EEA fund managers that market non-EEA alternative investment funds in their country.

As Dublin is an important financial hub for servicing alternative funds, SGSS Ireland supports alternative fund managers by implementing a “Depositary Lite” solution for each of their alternative investment funds that comes within the scope of the AIFMD. Dedicated teams of experts at SGSS work on behalf of these clients, fulfilling the duties imposed by the AIFMD and allowing them to concentrate on their core investment activities, whilst ensuring that they are fully compliant with the Directive.

The “Depositary Lite” service is available as part of the overall SGSS securities services offering as well as on a stand-alone basis, providing clients with the expertise and security of one of Europe’s leading depositary banks.

This service complements the complete SGSS AIFMD reporting package for asset managers and their funds.

SGSS in Ireland provides a full range of administration and depositary services to a well-established international client base of UCITS and non-UCITS investment funds, either domiciled in Ireland or in other jurisdictions. Its offering also includes middle office services for OTC products, share class hedging, FX services, performance reporting, risk reporting and securities lending.