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Our Luxembourg fund services offering expands with depositary authorisation

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Our Luxembourg fund services offering expands with depositary authorisation

We are pleased to announce that we are now authorised to act as a depositary to Alternative Investment Funds (AIFs) in Luxembourg in addition to our existing depositary capabilities in the UK and Jersey.

Regulatory approval from the Ministry of Finance was received on Tuesday 29 October 2019.

Our depositary service offering presents an attractive proposition for:

a)            EU Alternative Investment Fund Managers (AIFMs) managing EU AIFs

b)            Non-EU based investment managers wishing to market their EU or non-EU AIFs in the EU

Commenting on our expanded service offering from Luxembourg, Philip Bolton - Managing Director - Alternative Investments, Europe said, "Obtaining this license is testament to the high standard of work Ocorian has been doing as a depositary across our European network to date, and our ability to meet shifting market demands.

"This expanded service offer is in complement to the other fund administration and accounting services we have been providing in Luxembourg for a number of years."

Jean-Marie Bettinger, Ocorian's Head of Luxembourg and the Netherlands, added, "This approval enables Ocorian add another facet to its local toolbox and is a fantastic opportunity to strengthen the full value chain in our funds services offering in Luxembourg.

"Our fund service offering is now fully aligned with the markets expectations and enables our clients to leverage on our experience in the alternative investments sector."

Leading our depositary services is Head of Depositary Services, Graham Dew. He commented, “We are committed to growing a robust and responsive fund service offer for the Luxembourg market, and a localised depositary service is central to that.”

Prior to receiving regulatory approval in Luxembourg, we have been offering depositary services to AIFMs since 2014. We are also licenced in the UK and Jersey to offer depositary services under Article 21 (7, 8, 9) of the Alternative Investment Fund Managers Directive (AIFMD) to closed-ended structures holding non-financial instruments.

Additionally, we are authorised to provide 'Depositary Lite' services to AIFMs wishing to market their AIFs under certain National Private Placement Regimes in accordance with Article 36 and 42 of AIFMD. We can provide client-tailored depositary services as a stand-alone service or as an add-on to its existing corporate and fund administration offering.

You can read our article examining the functions of an AIF depositary here.

Find out more about our depositary service offering here.

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