Authorisation from the Commission de Surveillance du Secteur Financier (CSSF) enables Elian to be appointed Depositary by managers of AIFs.
Elian director Paul Lawrence said the approval bolstered Elian’s comprehensive range of AIFMD services. ‘As we continue to build on the successful launch of our Luxembourg office in 2013, I am delighted to be able to support our clients with the provision of depositary services to complement our existing suite of AIFMD services and fund administration capability. Luxembourg is the jurisdiction of choice for European funds, and Elian is ideally placed to service the needs of Alternative Investment Fund Managers and help them meet the regulatory challenges for funds in an efficient way,’ he said.
‘Elian is committed to working closely with clients to ensure we obtain a thorough understanding of their structures, establishing at the outset of an engagement what information we require, when we need to receive it and how it will be transmitted. This allows us to be as unobtrusive as possible as the fund goes about its business, whilst ensuring we meet our regulatory requirements.’
Following the implementation of AIFMD in 2013, fund managers must appoint a depositary to market their funds in certain jurisdictions. Elian launched its first depositary service in the UK following approval by the Financial Conduct Authority (FCA) in July 2014.
Elian’s depositary services include cash flow monitoring, the safekeeping of non-custody assets and oversight of the AIF to ensure it is managed in accordance with its principle documents. Fund managers can access Elian’s depositary offering as a stand-alone service, or as a bolt on to other administration activity.
Mr Lawrence added: ‘We have received significant interest in our depositary offering in the UK, and look forward to applying our skills and experience to the Luxembourg market. We will also apply for depositary licences in Jersey and Guernsey during 2015 as we consolidate Elian’s depositary capabilities.’
Elian is a specialist in Fund Services, Corporate Services, Private Wealth, Capital Services and Due Diligence Services. The group, which launched in September 2014 following a management buyout from Ogier Group, employs over 500 people across 11 offices.