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Under Article 21 of the AIFMD, any AIFM running an EU-based AIF is required to appoint a single full scope depositary to carry out four core duties: cash monitoring, safekeeping and verification of assets and general oversight of the AIF. For EU managers with experience of running UCITS funds alongside their offshore Cayman fund(s), this arrangement is a familiar one, but for AIFMs marketing non-EU AIFs into Europe, the concept of appointing a depositary is unfamiliar.  This is made slightly easier in the sense that the AIFM of a non-EU AIF can, under article 36 of the Directive, avail of
Heritage Depositary Company (UK) Limited (Heritage Depositary) operates what the FCA refers to as a `PE Alternative Investment Fund (AIF) depositary'. Whilst it is able to provide full depositary services to most AIF structures, Heritage's depositary services are focused on, but not limited to private equity, real estate, infrastructure, venture capital and esoteric alternative funds investing in both developed and emerging markets. "The AIF's we oversee invest in what are classed as non-financial assets. We do however have the capability to hold such `Financial Assets' through our recognised and authorised global custodian," explains Gerry Warwick, Director of Heritage Depositary.   
One of the primary reasons for investment managers choosing to use regulatory hosted services such as those provided by Mirabella, part of the Cordium group, is because of the time it takes regulators to approve manager applications; sometimes up to nine months in the UK.  For start-up managers entering the market for the first time, or existing managers outside of Europe who are looking for an AIFMD solution, the Mirabella platform, either alone or in tandem with the Cordium Total AIFM Solution (CTAS) provides a clear, cost-effective pathway.    Where CTAS differs from the usual outsourced AIFM solution is
For EU and non-EU managers, the ability to choose between AIFMD or UCITS regimes to bring a regulated fund product to market with minimal fuss is a compelling one. With its unique business model, ML Capital has proven to the marketplace that there are many ways to scale the walls of so-called "Fortress Europe".  ML Capital operates two Dublin-domiciled platforms that between them are capable of supporting a wide range of alternative investment strategies, from the most liquid end of the scale to the most illiquid end. The MontLake UCITS Platform was established in October 2010, while the MontLake QIAIF
Regulatory reporting remains a pertinent issue for a lot of fund managers under AIFMD. One of the attractions of going with a fully outsourced AIFM, which can also provide sub-fund capabilities for those dipping their toe into Europe, is that the reporting and operational compliance function is taken care of.  But for those managers who wish to continue to privately place their offshore funds into Europe, the regulatory reporting requirement under Annex IV is a key operational task; and one that they increasingly rely on their fund administrator to help with.    ConceptONE, LLC, which specialises in regulatory reporting and
Two of the most important considerations for any hedge fund manager under AIFMD are deciding on who to appoint as an external AIFM (or "Management Company") and also who to appoint as a depositary; the latter of which is discussed later in this report.  As registered AIFMs, European hedge fund managers are required to separate out their portfolio management and risk management functions. That is fine for established managers with well-developed front to back teams.    But for smaller managers, who only just qualify as AIFMs by exceeding the EUR100m, they may not have sufficient capital and may not be
Linedata has released the latest version of fund accounting software Linedata Mfact, focusing on streamlining and automating key processes and enhancing exception management capabilities. This has been achieved by delivering new business process management (BPM) capabilities, enhanced corrections processing, an integrated weekend/holiday schedule and improved handling for irregular paying debt instruments. Linedata Mfact forms a key part of the Linedata Admin Edge platform, supporting end-to-end fund administration for alternative, traditional and liquid alts funds.   Faced with increased operating demands and higher costs, the fund accounting function has to be run as efficiently and safely as possible. Linedata Mfact is
Worth Venture Partners (Worth), an emerging manager hedge fund platform headquartered in Manhattan, has secured a USD100 million investment by Lombard International (Lombard) in a diversified portfolio of emerging hedge fund strategies, the WVP Emerging Manager Onshore Fund.  Lydian Advisory Group also worked with Worth and Lombard to structure the initial investment.   David Wertentheil, Partner and Co-Founder of Worth, says: "We are excited to be an alternative emerging manager solution for Lombard. Our strategies support diversification of returns while meeting the wealth planning needs of their sophisticated client base through insurance-based structures."      The WVP Emerging Manager Onshore Fund
TradeStation Group, parent company of broker-dealer and futures commission merchant TradeStation Securities, the award-winning broker-dealer and futures commission merchant, has announced that Salomon Sredni will retire as President and CEO and from the board of directors effective 31 March, 2016. John Bartleman, President of TradeStation Securities, will succeed Sredni as President of TradeStation Group, and join its board of directors, effective 1 April, 2016. TradeStation Group, a Monex Group company (listed on the first section of the Tokyo Stock Exchange, code: 8698), is the parent of the organisation’s US-based brokerage and trading technology businesses. Sredni is also retiring as COO of
CME Group has made a number of Managing Director promotions, all of which took effect in February. Peter Keavey, 47, has been appointed Managing Director and Global Head, Crude & Refined Energy Products. Based in New York, Keavey is responsible for managing and expanding CME Group's risk management tools across its global Crude and refined product suite, in addition to leading the US Natural Gas and Power businesses. Prior to joining CME Group in 2013, Keavey served as Portfolio Manager at Graham Capital Management focusing on energy markets. He also served as Managing Director and Head of Energy Trading at

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