Bedell Trust has received regulatory approval and a variation of permission from the Financial Conduct Authority (FCA) to provide depositary services to UK alternative investment funds (AIFs) as well as "depositary-lite" services to non-EEA AIFs from its London office.
Furthermore, Bedell has received regulatory approval from the Jersey Financial Services Commission (JFSC) to provide depositary services from its Jersey office to all JFSC regulatory categories of investment funds.
Bedell Trust is now able to provide full depositary services covering cash flow monitoring, safekeeping, and oversight responsibility to unregulated collective investment undertakings - specifically closed-ended AIFs of alternative investment fund managers (AIFMs) pursuing private equity, real estate, infrastructure, and fund of funds investment strategies.
Philip Bolton, a director at Bedell, says: "A key criteria for this award category was our ability to deliver services that ensure fund managers are compliant with the new Alternative Investment Fund Managers Directive (AIFMD). Working with a number of clients, we are delighted to have received this recognition. For some time, we have been working behind the scenes to develop our depositary services, which despite the fact that the underlying services are very much prescribed in the AIFMD, we feel that the unique way in which we deliver these services, coupled with our transparent technology solution, really sets us apart from the competition.
“The development of our depositary services was built on our extensive experience in the alternative investment industry, spanning over 20 years, through the provision of leading fund administration services to private equity, real estate and infrastructure funds."
Bedell Trust is authorised to provide depositary services from its Jersey and London offices and can also provide "depositary-lite" services to non-EEA AIFs marketing into those member states (such as Denmark and Germany) which require the appointment of an entity or entities to provide the core depositary services.