PGGM appoints Citi as depositary bank for range of alternative investment funds
PGGM Vermogensbeheer has appointed Citi as the depository bank for its range of alternative investment funds.
The appointment extends the existing long-standing relationship between the two.
Citi established its depositary facility in the Netherlands in July 2013 following the implementation of the Alternative Investment Fund Managers Directive (AIFMD). The bank is now able to support locally-domiciled funds with independent depositary capabilities, including oversight of funds’ service providers, safekeeping of funds’ assets and daily automated monitoring of funds’ investment guidelines and regulatory restrictions.
“We are delighted to welcome PGGM’s fund range as the first live clients for our Dutch depositary,” says Pat Curtin, global head of fund services at Citi. “We are continuing to build our presence in the Netherlands and partnering with PGGM’s fund range is proof that we are on track.”
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