Trident Trust, a global fund and corporate services firm, has gained its depositary license in Luxembourg.
The firm can now offer depositary services to private equity, real estate, infrastructure and debt fund managers.
The Alternative Investment Fund Managers Directive allows non-bank institutions to serve as depositaries for alternative investment managers, at the member state’s discretion. This has opened the door for corporate and fund services firms to apply for depositary licenses.
“We wanted to provide private equity managers with a ‘one stop shop’ solution, minimising cost and time for such services. It will also help to bring new GPs onboard and service existing clients,” said Karine Seguin, head of business development in Trident Trust’s European fund services division.
“We administer funds globally with assets of over €30 billion, 60 percent are private equity clients, and we see most growth in the private equity space,” she added.
Luxembourg will remain a major alternative centre, says Seguin.
“Regarding growth, we believe continental Europe will continue to be the hub, especially Luxembourg,” she said. “It is the main hub for private equity funds and we have the staff and skill set available in Luxembourg to provide a depositary service. From there Malta may be the next location as we have a growing private equity client base there.”
“Also, the aim is to assist non-Luxembourg funds when they market in Europe, using the passport or national private placement regime. There are a number of countries that require funds to have a depositary, like Germany and Denmark,” she added.