Oppenheim Asset Management Services (OPAM) has selected KNEIP to carry out transparency reporting under the Alternative Investment Fund Management Directive (AIFMD).
As part of the agreement, OPAM will be making use of KNEIP’s Fund Reporting service for aggregating and submitting information to regulators, according to Hedgeweek.
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KNEIP will be creating an AIFMD report for OPAM’s one alternative investment fund manager (AIFM) and 64 alternative investment funds (AIFs).
Hedgeweek quoted KNEIP CEO Bob Kneip as saying: "AIFMD represents a new reporting challenge and the onus is now on alternative fund managers to find an easy, efficient and resource-effective solution to manage it. OPAM will be one of the first AIFMs ready to deliver an AIFMD report in Luxembourg and we are delighted to be able to support them as they set the example for compliance."
Under AIFMD, European alternative investment managers are required to periodically update regulators of material changes to underlying funds and their manager.
While AIFMs have been subject to regulation in the past, the transparency requirements of AIFMD represent a significant step change, and therefore many are considering outsourcing their reporting functions.
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