Marble House Capital, Germany-based alternative investment fund manager (AIFM), has selected BNY Mellon to provide custody services and related control functions to a number of portfolio funds and future retail and special alternative investment funds (AIFs).
Under the partnership, BNY Mellon will act as a custodian for closed-end private equity funds in Germany.
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The move comes in response to the requirement under Germany’s Capital Investment Code (KAGB), as per which, closed-ended alternative investment funds (AIFs) investing in real assets must use a custodian, following the implementation of the EU Alternative Investment Fund Managers’ directive.
Roderich Widenmann, CEO of MHC Marble House Capital, said: "The increase in transparency and investor protection afforded by appropriate custody of our private equity funds is of key importance within the scope of the new statutory regulations."
Thomas Brand, head of Investment Services at BNY Mellon in Germany, said: "Our arrangement with Marble House Capital will extend our custodian services in Germany in the closed-ended alternative investment segment to include private equity as an asset class for the first time."
BNY Mellon has approximately $300bn in private equity assets in custody worldwide.
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