BNY Mellon has been appointed by Marble House Capital to provide custody services and related control functions to a range of portfolio funds and future retail alternative investment funds (AIFs) and special AIFs.
The arrangement with Marble House Capital, a Hamburg-based Alternative Investment Fund Manager (AIFM) specialising in closed-end private equity funds, is the first time BNY Mellon has acted as custodian for closed-end private equity funds in Germany.
Roderich Widenmann, CEO of Marble House Capital, says: “In terms of its global positioning and international expertise in the private equity asset class, BNY Mellon is the ideal partner for us. The increase in transparency and investor protection afforded by appropriate custody of our private equity funds is of key importance within the scope of the new statutory regulations. In BNY Mellon, we have found a leading partner for our private equity business on an international scale. We really look forward to working closely with BNY Mellon,”
Thomas Brand, head of investment services at BNY Mellon in Germany, says: “Our arrangement with Marble House Capital will extend our custodian services in Germany in the closed-ended alternative investment segment to include private equity as an asset class for the first time. BNY Mellon is already the third-biggest service provider in the alternative investments segment globally. With some USD300 billion in private equity assets in custody worldwide, we can put our extensive international experience to good use to benefit Marble House Capital and our other German clients.”
Since the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and the introduction of the Germany’s Capital Investment Code (KAGB) in July 2013, it has been mandatory for closed-ended alternative investment funds (AIFs) investing in real assets to use a custodian.
