The Asset Servicing Journal

october 2013 n o. 35

AIFMD will help the international development of OPCIs p.5

EDHEC-Risk Days North America 8-9 October in New York p.7

CACEIS AIFMD Roadshow 15 October in Amsterdam p.7

Thierry Gaiffe, Paref Gestion

CACEIS extends its European depositary network with two new branches in Belgium and the Netherlands By opening two new depositary branches in Europe, CACEIS helps fund managers comply with and take full advantage of the AIFMDirective. p.2 Cash flowmonitoring under the AIFMDirective CACEIS adapts its cash flow monitoring for private equity and real estate funds. p.2 Real estate funds: German Asset Management is increasingly global Asset servicing providers need to become global to handle new challenges. p.3 CACEIS playing key role in Luxembourg’s growing real estate fund market Luxembourg – a leading European domicile for regulated real estate funds. p.4 A delegated risk management solution for AIFs Investment management companies can delegate their risk management function to CACEIS to ensure they remain in full compliance with AIFMD. p.4 AIFMD requires French SCPI managers to appoint a depositary CACEIS’s PERES team is helping asset management companies take full advantage of AIFMD and enhance real- estate fund distribution in France and the rest of Europe. p.5 New timelines for FATCA compliance Notice 2013-14 released by the IRS on 12 July 2013 revises timelines but has not affected the core principles of CACEIS’s FATCA implementation project. p.6

Real Estate Investment and Servicing at Centre Stage

kets have now calmed, real estate investment remains a popular way to diversify portfolios with a key feature of an attractive stable income return. Real estate fund services are a core area of CACEIS’s business and we have considerable ex- perience in providing high levels of servicing to real estate clients worldwide. With a dedicated PERES (private equity and real estate servicing) team consisting of fund servicing specialists, we can provide bespoke servicing on a single or multi-jurisdictional basis through our offices in Europe, North America and Asia. This juris- dictional reach enables us to assist clients on a global basis and we are able to provide specific regulatory and compliance oversight for each real estate fund whilst coordinating information at asset level in complex multi-jurisdictional structures. Our proven track record of servic- ing real estate funds and our confirmed repu- tation among the real estate community can also be evidenced by the numerous mandates recently won by our principal European cen- tres of excellence in Germany, Luxembourg and France, many of which are detailed in the “New Business” section of this publication. CACEIS’s PERES team is responsible for admin- istrating some €50bn in real estate assets and is adept in assisting not only pre-existing struc- tures, but can leverage its global expertise to of-

fer advice on the most appropriate structure, ve- hicle and jurisdiction when setting up any new real estate fund. From our experience of work- ing with some of the world’s leading real estate investment funds, we know that we can add the most value to our clients’ business when we are involved at all stages of the fund set-up and in- vestment lifecycle, and as our services are based on robust technology platforms, we can achieve significant administrative efficiencies and mini- mise operational risks. The strength of CACEIS’s offer to real estate funds is however not just in our real estate ex- pertise, jurisdictional know-how and sophisti- cated IT tools. It lies in the integrated nature of CACEIS’s entire service offering which covers the whole spectrum of asset servicing activities and is the reason why many real estate clients award CACEIS a global mandate for their funds. Our offer extends to custody and depositary, in- vestor services, and customised reporting, along with treasury services, bridge financing and corporate secretarial administration. Having all these services available enables real estate cli- ents to deal with only a single provider for all their needs, which serves to increase efficiency and mitigating risks. Finally, we add exceptional value to a client’s business by outsourcing the entire back-office, which enables them to focus resources on core investment-related activities and thereby maximise investor returns ■

JOE saliba, Deputy CEO, CACEIS Group

T hroughout the year, CACEIS takes part in a wide variety of industry events dedicated to specific sectors of the fund management and fund servicing business. This October, CACEIS is taking part in EXPO REAL, the International Trade Fair for Property and Investment which has been held annually in Munich since 1998. Real estate investment has grown in popularity, and subsequently features in an increasing number of investors’ portfolios especially since the 2008 crisis, largely due to its negative correlation with traditional equity mar- kets that afforded investors a safe haven from the recent market turmoil. Even though equity mar-


The International Trade Fair for Commercial Property and Investment EXPO REAL, will take place from 7 to 9 October 2013 in Munich. The largest B2B trade fair for commercial real estate in Europe focuses on networking, market orientation and valuable business contacts. EXPO REAL participants cover the entire spectrum of the real estate industry: project developers and managers, investors and financiers, corporate real estate managers and representatives from economic regions and cities. We look forward to welcoming you to halle B1, Stand 541 . Key people from our international offices will be on hand to discuss our bespoke solutions for your specific needs.

7-9 October

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