An AIFM that is fully authorised under the Directive is required to appoint a single independent depositary in respect of each AIF it manages. We are authorised in the key European fund centres of Luxembourg, the Netherlands and the UK to provide independent AIF Depositary Services.
What does an AIF depositary do?
Asset verification and safekeeping of the investment portfolio
- The maintenance of investment records and assets register.
- Asset ownership verification.
- Regular due diligence, monitoring and reconciliations of investments.
Cash flow monitoring
- Overview of fund’s cash flows, cash and capital reconciliations.
- Identification of substantial cash flows.
- Monitoring of inconsistencies and corrective actions taken.
- AIFM and related parties due diligence and monitoring.
- Income application.
- Subscription and redemptions.
- Share/units value calculation.
- Investment compliance.
- Ensuring compliance by the AIFM and the relevant AIF with the AIFMD through regular and ongoing oversight.
Benefits of using IQ-EQ AIF Depositary Services
- Our services interface with your existing banking arrangements and fund administrators. We monitor bank accounts no matter where the fund banks – no need to change bankers, no need to change your valuable relationships.
- Our depositaries are stand-alone companies, segregated from our fund administration services within the IQ-EQ Group.
- We provide Depositary-only services and are happy to work with managers who carry out their administration in-house or with a third party administrator.
- Our people are recognised as experts in their field with a deep knowledge of the alternative fund sector and how managers work.
- We recognise that every fund manager is different and works in their own way. We work in true partnership with our clients, adapting our working practices to interface with your operations to ensure efficiencies throughout.
- A Service Level Agreement tailored to the specific needs of the fund will be put in place between the Depositary and the client and we monitor our performance against agreed KPIs.