BNP Paribas Securities Services (BNP Paribas) said that it has reinforced its global offering ahead of the introduction of Alternative Investment Fund Managers Directive (AIFMD), which is set to significantly transform the fund management industry.
The bank, currently Europe’s largest custodian with over US$7 trillion of assets under custody, recently opened a new branch in the Netherlands. The move follows the launch of its trustee and depository service in the UK to better service its clients ahead of AIFMD, which comes into effect on 22 July 2013.
“The final countdown to AIFMD coming into effect has started, but however well prepared fund managers believe they are for this implementation, it is still a far cry from reality,” said James McAleenan, UK head at BNP Paribas Securities Services. “With four months to go, we continue to urge clients to accelerate the final phases of preparation for what we deem will be a significant re-shape of the alternative fund management industry in Europe and beyond.”
“Beyond the new infrastructure requirements, AIFMD also mandates to segregate risk management and valuation functions from portfolio management, which is why our solution includes a full range of services around valuation of complex products and alternative assets such as real estate, and collateral management.”
BNP Paribas said it believes that AIFMD will establish a strong European standard for alternative funds that will largely improve trust levels of investors and all stakeholders in this segment of the industry.
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