BNP Paribas Securities Services (BNP Paribas) said that it has expanded its independent trustee and depository service to the UK market, in light of the incoming Alternative Investment Fund Managers Directive (AIFMD).
“The impact of AIFMD will be significant for UK fund managers, requiring implementation of new infrastructures, new distribution networks and for certain businesses new legal frameworks,” said James McAleenan, head of BNP Paribas Securities Services UK. “This is not a simple process and with less than six months to go, poses serious challenges for our industry.”
“This launch reinforces our continuous commitment to the UK market and is in line with our strategic objectives to support unit and investment trusts, as well as other Open Ended Investment Companies (OEICs) in the UK, which are both Undertakings for Collective Investment in Transferable Securities (UCITS) and non-UCITS compliant, particularly ahead of the AIFMD deadline.”
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