BNY Mellon wins German custody mandate
It is the first time that the bank will act as custodian for closed-end private equity funds in Germany. The move is in response to the requirement under Germany’s Capital Investment Code (KAGB) that closed-ended alternative investment funds (AIFs) investing in real assets must appoint a custodian, following the implementation of the EU Alternative Investment Fund Managers’ directive.
BNY Mellon will provide custody and related control functions to a range of Marble House Capital’s portfolio funds, future retail
alternative investment funds (AIFs), and special AIFs.
“In terms of its global positioning and international expertise in the private equity asset class, BNY Mellon is the ideal partner for us,” said Roderich Widenmann, the fund management firm’s CEO.
“The increase in transparency and investor protection afforded by appropriate custody of our private equity funds is of key importance within the scope of the new statutory regulations. In BNY Mellon, we have found a leading partner for our private equity business on an international scale.”
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