Citi has established a depositary facility in the Netherlands and has appointed a new depositary head in the country.
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With the new facility, the bank can now support locally-domiciled funds with independent depositary capabilities including oversight of funds’ service providers, safekeeping of funds’ assets and daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
Jan-Olov Nord has been appointed as head of depositary services, Netherlands for Citi’s securities and fund services. Nord has over 27 years financial markets experience and 15 years with Citi, where he had responsibility for some of the largest investment managers in the Dutch and world markets.
Sanjiv Sawhney, EMEA head of securities and fund services at Citi, said: "Our Dutch depositary facility opens in readiness for the Alternative Investment Fund Managers Directive (AIFMD) which fundamentally impacts the way our investment fund clients conduct their businesses.
"We look forward to strengthening our presence in the Netherlands and Jan-Olov is the right person to help Citi’s clients, and the Dutch investment community, continue to grow internationally," added Sawhney.
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