Today, July 22nd 2013 marks the go-live date of the Alternative Investment Fund Management Directive (AIFMD) – a European wide directive that is touted to transform the fund management industry. BNP Paribas is now ready for the transition of its asset manager and asset owner clients.
Philippe Ricard, Global head of AFS products, comments: “BNP Paribas Securities Services has significantly invested to ramp up our solutions, and today, we provide the largest depositary network in Europe, having already implemented AIFMD compliant processes across all jurisdictions.
“We are fully set up to support our early mover clients and congratulate those pioneering AIFMs who have already successfully navigated their way to AIFMD compliance. We also encourage those who are yet to start the journey – it’s not as daunting as one might think! AIFMD can provide asset managers with an opportunity to grow their business in Europe, and we have developed dedicated approaches to assist and help our clients do just that by benefiting from our global network. This covers a wide range of areas including fund structuring and cross-border distribution.”
Erwin Reyes, Head of the Netherlands for BNP Paribas Securities Services, added: “We believe that AIFMD will establish a strong European standard for alternative funds that will largely improve trust levels of investors and all stakeholders in this segment of the industry. We are able to provide depositary services in all the main European markets, most certainly covering not only the needs of funds incorporated in Europe, but also non-EU funds needing this service in their member state of reference.
As part of the bank’s ambition to boost its depositary service offering to become Europe’s largest depo-bank network, a branch local branch was opened earlier this year in the Netherlands. AIFMD will have an impact on the majority of the 2,000+ funds managed in the Netherlands and on the role and responsibilities of a depositary in the Dutch market. The new AIFMD role differs hugely from the traditional role as depositary in the Dutch market.”
BNP Paribas Securities Services has developed a specific AIFMD transition package to help clients through the process and ensure seamless transition. It covers all types of funds in each local jurisdiction and includes:
– A comprehensive methodology to launch the AIFMD change over for each type of fund (standard, Hedge funds, Private equity or Real Estate funds)
– a practical tool box for the on-boarding process to execute the transition
– a detailed ready-to-use planner.
For additional information about AIFMD, please click here: Market insight