BNY Mellon has said that it is ‘AIFMD-ready’ and able to provide full depositary services to asset managers impacted by the new Alternative Investment Fund Managers Directive (AIFMD), which came into force on 22 July 2013.
AIFMD will impact non-UCITS funds, with implications for managers both inside and outside of the EU (dependent on their distribution of funds within the EU). The Directive seeks to harmonise and make compulsory the regulation of Alternative Investment Fund Managers (AIFM) based within the EU or who sell their products to EU investors.
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The AIFMD aims to create greater transparency and investor protection by aligning the management and safekeeping of Alternative Investment Fund (AIF) assets to the rules governing UCITS (Undertakings for Collective Investment in Transferable Securities) funds. Early applicants will be able to leverage the AIFMD passport opportunities for cross-border European distribution.
"Over the last 18 months we have invested strongly in our European infrastructure and personnel so that we are ready to support those clients who become authorized early under the Directive," noted Hani Kablawi, EMEA Head of BNY Mellon’s Asset Servicing business. "Whilst the new regulation has added a greater level of complexity to our work as a depositary to Alternative Investment Funds, the solutions that we have in place will allow our clients to continue to operate efficiently and cost effectively within the new environment."
"There is no doubt AIFMD represents a significant change for the funds industry across Europe and beyond," added Peter Craft, BNY Mellon’s EMEA Head of Trustee and Depositary Services. "It transforms our duties and introduces significant new liabilities. We are leveraging the strength of our team across Europe to ensure we are ready to support managers in this pressurized operating environment."
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