PGGM Vermogensbeheer, a wholly-owned subsidiary of Dutch pension administrator PGGM N.V, has selected Citi as the depository bank for its range of alternative investment funds.
Pat Curtin, global head of fund services at Citi, said: "We are delighted to welcome PGGM’s fund range as the first live clients for our Dutch depositary.
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"We are continuing to build our presence in the Netherlands and partnering with PGGM’s fund range is proof that we are on track," Curtin added.
Citi established its depositary facility in the Netherlands in July 2013 following the implementation of the Alternative Investment Fund Managers Directive (AIFMD).
The US bank now supports 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.
