BNP Paribas is now ready for the transition of its asset manager and asset owner clients to meet the requirements of the Alternative Investment Fund Management Directive (AIFMD), which came into effect on 22 July.
Philippe Ricard, global head of AFS products, says: “BNP Paribas Securities Services has significantly invested to ramp up our solutions, and today, we provide the largest depositary network in Europe, having already implemented AIFMD compliant processes across all jurisdictions.
“We are fully set up to support our early mover clients and congratulate those pioneering AIFMs who have already successfully navigated their way to AIFMD compliance. We also encourage those who are yet to start the journey - it's not as daunting as one might think. AIFMD can provide asset managers with an opportunity to grow their business in Europe, and we have developed dedicated approaches to assist and help our clients do just that by benefiting from our global network. This covers a wide range of areas including fund structuring and cross-border distribution.”
James McAleenan, head of the UK for BNP Paribas Securities Services, says: “AIFMD will also clearly broaden the role and scope of the depositary, which is a true challenge for asset managers in the UK who will have to deal with the different regulatory requirements in the various markets in order to protect their fund’s assets.”
BNP Paribas Securities Services has developed a specific AIFMD transition package to help clients through the process and ensure seamless transition. It covers all types of funds in each local jurisdiction and includes:
- A comprehensive methodology to launch the AIFMD change over for each type of fund (standard, hedge funds, private equity or real estate funds)
- A practical tool box for the on-boarding process to execute the transition
- A detailed ready-to-use planner.