KNEIP has been appointed by Oppenheim Asset Management Services (OPAM) to carry out transparency reporting under the Alternative Investment Fund Management Directive (AIFMD).
OPAM will be making use of KNEIP’s Fund Reporting service for aggregating and submitting information to regulators.
OPAM has one alternative investment fund manager (AIFM) and 64 alternative investment funds (AIFs) for which KNEIP will be creating an AIFMD report.
OPAM has been an officially authorised AIFM since 12 September 2013 and is now one out of only a handful of AIFMD-compliant companies in Luxembourg.
Bob Kneip, chief executive of KNEIP, says: “AIFMD represents a new reporting challenge and the onus is now on alternative fund managers to find an easy, efficient and resource-effective solution to manage it. OPAM will be one of the first AIFMs ready to deliver an AIFMD report in Luxembourg and we are delighted to be able to support them as they set the example for compliance.”
Under AIFMD, European alternative investment managers are required to periodically update regulators of material changes to underlying funds and their manager. While AIFMs have been subject to regulation in the past, the transparency requirements of AIFMD represent a significant step change, and therefore many are considering outsourcing their reporting functions. A recent KNEIP survey of over 90 AIFMs in London, Paris and Luxembourg, revealed that 77 per cent of AIFMs are either using or considering using outsourcers.
Thomas Albert, managing director at Oppenheim Asset Management Services, says: “We always want to be at the cutting edge of the industry and therefore when it came to AIFMD reporting it was important to partner with a trusted and experienced regulatory expert. Appointing KNEIP was a natural decision to make due to their expertise and their proficient monitoring and tracking tools.”
KNEIP’s Fund Reporting service is a fully automated system that allows the generation and submission of financial, transparency and regulatory reports to relevant authorities, thereby reducing the administrative burdens on asset managers. Reports can be generated in various formats and languages. The service has been fully adapted to meet AIFMD reporting requirements.