SGSS Ireland launches depo lite service

SGSS Ireland launches depo lite service

Societe Generale Securities Services (SGSS) Ireland has introduced a new offering to help asset managers in and outside of Europe to meet the rules of the Alternative Investment Fund Managers (AIFM) directive.

The service will help AIFMs comply with depositary lite, which stipulates that they must appoint at least one external entity to execute cash flow monitoring, safekeeping of assets and oversight duties.

All AIFMs in the European Economic Area – comprising the 27 EU member states in addition to Iceland, Liechtenstein and Norway – that market non-EEA AIFs to professional investors in EEA countries using private placement regimes must meet this requirement.

The new offering is an extension of SGSS’s existing AIFM directive reporting service for asset managers and their funds.

The firm will implement a depositary lite solution for each AIFMs’ funds that come under the directive.

SGSS said in a statement that its experts would work on behalf of these clients, allowing them to concentrate on their core investment activities, while ensuring that they are fully compliant with the AIFM directive.

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