Darwin Depositary Services is offering the full range of depositary services required under the AIFMD and UCITS V legislation for all funds within the scope of these Directives. The main tasks of a depositary stem from the following three duties:
Cash flow monitoring
The depositary is obliged to monitor the fund’s cash flows and as such the main duties are:
- Identify on an appropriate basis significant cash flows and in particular those which could be inconsistent with the fund’s dealings
- Ensure that all payments upon subscriptions or redemptions have been properly received, paid and booked
- Implement effective and proper procedures to receive without undue delay all relevant information from the manager of the fund or any third party
All assets of Alternative Investment Funds and UCITS funds, which can be divided in ‘assets that can be held in custody’ and ‘other assets’ must be entrusted to the depositary for safe-keeping. For assets that can be held in custody this means that these assets must be held by the depositary itself or any of its delegate(s). The safekeeping by the depositary of the category other assets entails the verification of ownership and keeping an up to date record of those assets.
The oversight duties imposed on depositaries ensure compliance with applicable rules and fund rules regarding:
- Verification of subscriptions and redemptions.
- Valuation of shares or units in the fund.
- Investment and regulatory restrictions and leverage limits
- Application of the fund’s income
- Settlement of transactions in a timely manner
Darwin Depositary Services has the knowledge and experience to act as depositary for Alternative Investment Funds and UCITS funds. Moreover, Darwin Depositary Services has an experienced team performing these depositary services in an efficient and cost-effective manner. Fees will reflect the complexity and the size of the fund.