KAS-Trust B.V. takes significant step in AIFMD process

KAS-Trust B.V., a fully owned subsidiary of KAS BANK N.V. and one of the largest independent depositaries of investment funds in the Netherlands, has been granted a licence by the Netherlands Authority for the Financial Markets (AFM) to act as an investment company. This is a crucial and significant step for KAS-Trust in realising its plan of acting as an independent depositary for investment institutions under the Alternative Investment Fund Managers Directive (AIFMD). The licence also gives KAS-Trust the ability to pass on orders in unlisted investment funds.

As of 22 July 2013, investment institutions in the Netherlands will be subjected to a strict supervisory regime. One new aspect of the regime is that investment institutions targeting professional investors - including alternative funds such as private equity funds and real estate funds - will be subject to supervision. Many investment institution managers will need a licence from the AFM under the new regime. One of the requirements for a licence is that an independent depositary must be appointed for each investment fund.

KAS-Trust plans to act as an independent, neutral AIFMD depositary for investment funds. KAS-Trust currently operates as a depositary for investment funds covered by the Financial Supervision Act (Wft). It also manages affairs under a licence pursuant to the Trust Offices (Supervision) Act (Wtt).

Sicco Plesman, the KAS-Trust B.V. Managing Director, says: "The grant of the licence by the AFM is an important milestone for KAS-Trust and its AIFMD proposition. We already have considerable experience as a depositary under the Financial Supervision Act. Our plan to act as AIFMD depositary is therefore a logical move and a perfect fit with our neutral, independent position in the market. Obtaining this licence is one of the last steps for us in the process of becoming an AIFMD depositary."

About KAS-Trust B.V.
KAS-Trust B.V., a fully owned subsidiary of KAS BANK N.V., is one of the largest depositaries for investment funds covered by the Financial Supervision Act in the Netherlands. As an independent, neutral player, it is responsible for the supervision and audit of investment funds and it is also able to act as the administrator of the legal owner of the fund assets. It has a licence to do this pursuant to the Trust Offices (Supervision) Act. KAS-Trust does not trade on its own account, nor does it manage any investment funds. Consequently, it offers assurance that the interests of the participants will be safeguarded to the maximum extent. KAS-Trust plans to act as an AIFMD depositary in the Netherlands, the United Kingdom and Germany.

KAS BANK is an independent European specialist in wholesale securities services. As an independent bank, we connect professional financial institutions both within Europe and across the globe. We focus on providing added-value services to national and international organisations active in the pension and securities industries. We view the market from the perspective of our clients; tailor-made services and complete transparency are paramount in our service provision.

For more information: 
Sicco Plesman
Managing Director, KAS-Trust B.V.
T: +31 20 557 58 43
M: +31 65 316 96 18