According to the revised Collective Investments Schemes Act (CISA), ACOLIN now also takes on the representation for EU-AIF and non-EU AIF for the distribution to qualified Investors and partners up with Renovaré Global LLC, an independent consultancy, specializing in Risk and Operational Due Diligence of off-shore funds.
The revised CISA which has come into effect on 1.3.2013 requests foreign funds, who want distribute exclusively to qualified investors, to designate a Swiss legal representative and a paying agent until 28.2.2015 at the latest.
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In its Distribution Circular 2013/09, the Swiss Financial Market Supervisory Authority (FINMA) has solidified the requirements of market participants.
Based on the above, ACOLIN Fund Services will now also offer their comprehensive services for
Alternative Investment Funds (AIF) EU and off-shore non-UCITS, private equity, real estate and hedge funds – who will then be permitted to be distributed to qualified investors.
AIFs are an important component to the Asset Allocation process, particularly for discretionary wealth manager and institutional investors.
Depending on the domicile of these products, there may exist significant differences regarding the regulatory supervision of products and fund managers.
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By GlobalDataIn order to reduce the risks to investors to the absolute minimum, the funds wishing to be legally represented by ACOLIN, will be subject to a thorough and comprehensive Operational Due Diligence process to ensure that the AIF meets a broad range of operational criteria.
For this purpose, ACOLIN has initiated a partnership with Renovaré Global LLC, a New York-based consultancy specializing in Risk and Operation Due Diligence on alternative investment managers and investment funds.
The principal consultant, Neil Schwam brings an extensive background in Risk and Operational Due Diligence, having held senior positions with Swiss-based Fund of Hedge Funds including Man Group and Harcourt Alternative Investments.
On behalf of ACOLIN, Renovaré will assess every offshore AIF, its manager as well as its service providers with an in depth Due Diligence, in order to identify potential operational risks and mitigate exposure to such risks. In addition, the specialists of Renovaré will conduct on-site visits with the managers and service providers where deemed necessary.
Based on the detailed knowledge of the products and managers as well as the recommendation of
Renovaré, the management of ACOLIN will subsequently decide whether or not the mandate can be accepted.
Daniel Hafele, CEO, ACOLIN Fund Services AG, said: "We are very pleased to be working with such an outstanding expert on alternative investment funds like Renovaré. As with public funds, qualified investors, who in the future want to invest in alternative funds represented by ACOLIN, will be able to rely on the assurance that these products comply with the highest quality and security standards."
