Permian | AIF Depository
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AIF Depository

An independent custodian function
AIF Depository

 

A REQUIREMENT OF THE AIFM DIRECTIVE

 

Following the introduction of the AIFM Directive, the fund manager of certain funds is required to set up an independent depository service. It is assigned an active role in the process of securing the operation of the fund. The depository shall monitor and control the fund- and the fund manager’s activities to ensure compliance with legislation and shareholders’ agreements.

AIF Depository AS, a company in the Permian group, is approved by the Financial Supervisory Authority to supply depository services under the AIF-law.

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Background

 

Why is Depository important?

 

Norway introduced the alternative investment fund managers’ directive (AIFMD) into law, effective from July 1, 2014. The directive sets out three particular focus areas for the depository function: cash management, storage and monitoring of ownership documentation, and monitoring of the sometimes complex agreements which govern the operation of such funds. While fund managers have always been concerned about such matters, the law sets out a third party control and monitoring requirement.

Permian has extensive experience in all service areas provided by the depository function, and offers these services through AIF Depository AS.

Role

 

What is Depository responsible for?

Storing fund assets

 

  • Storing physical proofs of ownership, documenting and keeping records of ownership and investments in the fund
  • Verifying continued ownership
  • Following up on any changes in risk and claims against the ownership

Cash management

 

  • Control of cash flows (subscription of shares, deposits and disbursements to and from owners and underlying investments)
  • Control of bank accounts agreements and account numbers
  • Following up on the liquidity forecasts, checking if the fund meets its obligations

Monitoring of funds' activities

 

  • Controlling of the fund manager’s calculation of the management fees, carried interests and catch-up
  • Following up on investment’s restrictions/mandates
For more information, please contact 
Asbjørn Næss

AIF Depository AS

CEO

Mobile: +47 406 39 233