Augentius Depositary Services
The Alternative Investment Funds Managers Directive [AIFMD] introduced the concept of a Depositary, something that Real Assets funds (Private Equity, Real Estate and similar) had never previously had to consider.
The role of the depositary is to carry out “oversight” over the assets. Not to hold them in custody, but merely to “keep an eye on them”. Making sure that any cash drawn down by the fund is applied properly (daily cash oversight), that assets purchased are properly purchased in the name of the fund and that when assets are disposed of, the proceeds are correctly applied back to the fund. Finally, there is a level of responsibility to ensure the manager is, in general terms, complying with the AIFMD as applicable to them.
Having been involved in the evolution of the Directive and the creation of the AIFMD Depositary concept from the very beginning Augentius has created a series of simple, unobtrusive and economic processes to ensure a manager meets all their obligations.
Highlights of our Service:
- Augentius monitors bank accounts no matter where the fund banks – no need to change bankers
- Assets are monitored unobtrusively and professionally
- Oversight is carried out appropriately, professionally and without fuss
- The Depositary is a stand-alone business within the Augentius Group, staffed with dedicated professionals who are experienced and expert in what they do
- Charges are directly related to the work involved – not to the value of the fund
To find out more about our AIFMD Depositary Service contact us today or follow the links below: