Alter Domus has received approval from the Financial Conduct Authority (FCA) to provide depositary services in the UK.
The firm said that it has launched the new depositary service to support the alternative investments industry in complying with the new requirement for funds captured under the Alternative Investment Fund Managers Directive (AIFMD) to appoint an independent depositary.
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The approval will enable Alter Domus to offer depositary services to private equity and real estate clients, including those investing in infrastructure and debt.
Acting as a depository, Alter Domus will be responsible for safekeeping of assets, cash flow monitoring and other oversight duties such as overseeing fund compliance and transactions with investors.
Laurent Vanderweyen, CEO Alter Domus said: "We have recently made significant investment in the growth of our London office and this approval allows us to provide a complete solution to private equity and real estate firms globally, including enabling us to start onboarding clients that have selected us as their depositary."
Alter Domus, which currently offers depositary services in the UK, Luxembourg and Guernsey, will assist clients through the evolution of the AIFM Directive and discuss how the regulation will impact individual funds and advise on potential solutions.
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By GlobalDataPrzemyslaw Koger, UK head of depositary services said: "Structures of alternative investment funds are often complex and the ownership of assets is normally established by looking through the chain of ownership of several investment vehicles often based in various jurisdictions.
"Therefore, appointing a firm experienced in the real estate and private equity industry like Alter Domus to act as a depositary will be decisive in responding to the new challenges set by the Directive," Koger added.
