The investment management arm of Dutch pension fund administrator PGGM has appointed BNY Mellon to provide depositary services to €14 billion of assets under the Alternative Investment Fund Managers Directive (AIFMD).
BNY Mellon will safe-keep the assets, which are held in five fixed income funds, and provide oversight and cash monitoring as required under the directive.
PGGM manages assets for Dutch pension funds with more than 2.5 million beneficiaries worth €160 billion as of March.
Under article 21 of the AIFMD, managers of alternative investment funds must appoint a single depositary for each of their funds.
Leonique van Houwelingen, Netherlands country executive at BNY Mellon, says the firm is committed to helping Dutch fund managers who are affected by the AIFMD.
“The depository bank function is already a key element of our regional offering, and we have a well-established and robust track record in this space in Belgium, Germany, Ireland and Luxembourg,” she says.
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