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BNY Mellon has been appointed by PGGM Vermogensbeheer to provide depositary services under the Alternative Investment Fund Managers Directive (AIFMD) for assets valued at EUR14bn.
In addition to safekeeping the funds’ assets, which are held within five fixed income investment funds, BNY Mellon will provide oversight functions and perform cash monitoring as required by AIFMD.
Based in Zeist in the Netherlands, PGGM provides pension management, integrated asset management, management support and policy advice for pension funds. PGGM manages about EUR160bn assets (as at March 2014) on behalf of more than 2.5 million Dutch participants.
Leonique van Houwelingen, country executive for the Netherlands at BNY Mellon, says: “BNY Mellon’s local presence and expertise in the Netherlands, our proven depositary and trust capabilities in Europe, and the flexibility we can offer were all key factors in PGGM’s decision to appoint us as their AIFMD depositary.
“We are well-placed to provide comprehensive support for our clients as they prepare for the far-reaching changes that AIFMD will bring. In addition to new requirements around reporting, operational, technology and control infrastructures, the Directive mandates the segregation of risk management and valuation functions from portfolio management. Through our fully licensed Amsterdam branch, we are able to provide comprehensive depositary bank services in The Netherlands to ensure compliance before the final deadlines of each respective regulation.”
The new mandate extends BNY Mellon’s long-standing custodian relationship with PGGM. BNY Mellon currently services fund assets valued at EUR1trn and over 1,600 funds across the region.
Article 21 of AIFMD requires that an AIFM must ensure a single depositary is appointed for each alternative investment fund it manages. The depositary will handle the safekeeping of financial instruments and other assets; ensure proper and effective monitoring of the fund’s cash flows; carry out various monitoring and oversight tasks; and implement client reporting and escalation procedures to the manager and regulators in the event of breaches.
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