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Chris Casapinta, managing director, Alter Domus (Malta)

Working under the AIFM Directive

By Chris Casapinta (pictured) – The role of fund administrators has changed quite substantially in recent times. In part because of increasing global regulatory pressures, but also in response to the larger array of products and target assets and also due to greater calls for transparency from institutional investors and managers. Administrators who want to continue servicing top managers have to shore up their operational structures to ensure that the new regulatory and market requirements are addressed efficiently.

As a group, Alter Domus services the top 10 global private equity firms so the AIFM Directive was always going to be of major importance. Most of our senior team have been involved in working groups for the Directive. They have also worked closely with their clients to understand their concerns.

The AIFM Directive is an opportunity to reassess our systems, renew our service offering and getting closer to our clients to understand the regulatory and operational implications.

The close collaboration with the industry and the regulators has ensured that our systems and procedures will support fund managers in various areas such as financial reporting and middle office functions.

Prior to the AIFMD era, we invested heavily in our systems. We have since integrated all our systems in order to offer our clients the support they will require under the Directive, going forward. All this data will be available on a 24/7 basis.

Apart from having the appropriate technology in place, administrators have to find ways of communicating the data and reports in an efficient way to the various stakeholders. AIFMD will result in more interaction between the different parties involved in the management of the fund. It will be essential for administrators to develop these best practices where transparency, accountability and robust processes are easily demonstrated.

External custodians and depositories will need to be completely comfortable with fund administrators’ work given the myriad responsibilities they will face under the Directive.

Administrators who have been able to reinvest in their technology, rethink their processes and revisit their service offering should be in a good position to address the new challenges and opportunities AIFMD will bring...

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