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Kinetic Partners launches AIFMD hedge fund depositary due diligence checklist

Fri, 15/11/2013 - 12:06

Kinetic Partners has launched its AIFMD Hedge Fund DD checklist, which is designed to assist managers undertake the necessary due diligence over their depositary providers.

Kinetic Partners, the global professional services firm, is working with a range of alternative investment fund managers in different domiciles to help them achieve AIFMD compliance.
 
The checklist has been developed from Kinetic Partner’s experience of real-life challenges faced by firms as they adapt and review their businesses in respect of AIFMD.
 
Andrew Shrimpton, global head of regulatory compliance at Kinetic Partners, says: “Many EU hedge fund managers will need to comply with AIFMD and there are differing requirements for appointing depositories. The exact requirements will depend on a combination of the domicile of the managers, their hedge funds and how they are being marketed. We hope this checklist can assist managers in this area.”

 
The checklist covers eight key areas:
 
· Regulatory authorisation
· Financial strength
· General matters
· Operating model
· On-boarding
· Costs
· Legal terms
· Future developments
 
UK managers will need to provide a summary of the due diligence undertaken in their Full Scope AIFMD Variation of Permission applications to the Financial Conduct Authority, and be in a position to share further details of the due diligence undertaken on request by the FCA.


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