This part of the website may contain communications that are directed only at (1) investment professionals per the meaning in Article 19 of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“the FPO”); (2) High net worth companies, unincorporated associations etc. per the meaning in Article 49 of the FPO; (3) other persons to whom the communications may lawfully be made (together, the “Permitted Persons”).
The regulated services provided by Altum Depositary (UK) Limited (FRN: 1019005) and Altum Fund Services (UK) Limited (FRN: 1018994) are only available to Permitted Persons, and any communications in this part of the website must not be relied on or acted upon by other persons.
Why Altum Group for Depositary Services
In accordance with the Alternative Investment Fund Managers Directive (AIFMD) and as specified in the FCA’s Investment Funds Sourcebook (FUND), a UK alternative investment fund (AIF) that is managed by a full scope Alternative Investment Fund Manager (AIFM) must appoint an independent depositary. We are a full scope UK independent depositary, authorised by the FCA to act as depositary to both open and closed ended unauthorised AIFs.
Our dedicated London team of governance specialists, accountants and company secretaries have vast experience in this field, having been responsible collectively for the provision of independent depositary services.
We service international clients including several sector-specific real estate investment trusts (REITs) as well as numerous real asset, private equity, venture capital and infrastructure AIFs managed by other leading UK investment managers.
Our breadth of experience gives us a detailed technical understanding of the investment dynamics and risk profile associated with a wide variety of individual investment strategies. We use this knowledge to focus on delivering regulatory compliant solutions built around efficient data transfer processes designed to keep interference in day-to-day AIF operations to a minimum.
Our principal depositary functions that move you forward
We adopt a pro-active and forward-looking approach, tailoring our services to match requirements at specific points in AIF life cycles.
Cash flow monitoring
- Ensuring all AIF cash booked in suitable accounts
- Reconciling all cash movements/ balances
- Ensuring movements consistent with AIF profile
- Ensuring proper receipt and correct application of capital calls
- Checking accuracy and completeness of distributions and payments
- Escalation and rectification of reconciliation discrepancies
Oversight
- Assessing AIF and AIFM risk profile to devise oversight procedures accordingly
- Performing ex-post controls and verifications of AIFM processes and procedures
- Verifying procedures in relation to AIF subscriptions
- Verifying appropriate AIF asset valuation procedure and application
- Monitoring AIF compliance with investment and leverage restrictions
Asset safekeeping
- Verifying ownership of AIF assets
- Maintaining an accurate asset register
- Reconciling asset register to AIF reports
- Verifying assets of funds controlled by AIF on look-through basis, if required
- Ensuring procedures to prevent AIF assets being assigned without depositary knowledge
Why clients trust Altum
