SGG Group, a fund administrator, has obtained a licence to act as a depositary in the Netherlands for alternative investment managers.
The licence means the firm can provide services for managers in the country who are required by the Alternative Investment Fund Managers Directive (AIFMD) to appoint a depositary for cash flow monitoring and wider investor protection purposes.
SGG Group said obtaining the licence – from the Netherlands Authority for the Financial Markets – meant the firm was one of a “select group” of independent, non-bank, depositaries in the country.
Other AIFMD specialist administrators in the Netherlands include Intertrust and Vistra, while Holland’s Kas Bank is also in the market.
Luc Hollman, SGG Netherlands managing director, said the licence was a “milestone” and that the firm had “boosted its capital”.
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