services
Depositary
Background
Why Is Depositary 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 depositary 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 depositary function, and offers these services through Permain AIF Depositary AS.
Depositary
Permian AIF Depositary AS and its Swedish branch, are approved by the Financial Supervisory Authorities in Norway and Sweden to supply depositary services under the AIF-law. 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. AIFD has long experience and good process for monitoring and controlling the fund- and the fund manager’s activities to ensure compliance with legislation and shareholders’ agreements.
A Requirement of the AIFM Directive
Following the introduction of the AIFM Directive, fully licensed managers of alternative investment funds are required to set up an independent depositary service for its funds. The depositary shall actively monitor and control the fund- and the fund manager’s activities to ensure compliance with legislation and shareholders’ agreements.
What Is Depositary Responsible for?
Storing and maintaining proofs of ownership of the funds' investments.
Following up on any changes in risk and claims against the ownership.
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.
Questions about depositary?
Ceo
Benjamin Grønseth
+47 980 80 005
benjamin.gronseth@permian.no
Head of sales & Business development
Mattias Ekvall
+46 760 22 94 66
mattias.ekvall@permian.se
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