Two of the first three UK fund managers to achieve Financial Conduct Authority approval under the Alternative Investment Fund Managers Directive have selected Ipes as their alternative investment fund depository.
Under the AIFMD, UK private equity firms could benefit from a FCA “passport” to ?market their funds in Europe. To achieve this, firms need to fulfil certain criteria, including ?the appointment of an independent depository.
On 22 July 2013 Doughty Hanson, a private equity fund manager, was one of the first firms to be authorised under the EU AIFMD.? The authorisation entitles it to a passport to market Doughty Hanson VI uninterrupted around Europe.
Whilst UK firms can postpone the appointment of a depository until 2014 under provisions negotiated by the treasury, some fund managers, and in particular those in?the process of fundraising in Europe, are seeking to gain compliance early.
Justin Partington, commercial director, said: “Ipes began preparing for the AIFMD ?two years ago. As early as July 2012 we were approached by clients and other fund managers looking for support around meeting depositary requirements."
"Our service is now live and we are experiencing significant demand which shows fund managers?are actively engaging with this legislation and are seeking a pragmatic and?specialist approach.”
