Webinar: How to choose the right depositary bank

EVENT DETAILS

Date: Monday, October 14, 2013
Starting at: 2:00pm (BST), 3:00pm (CET), 9:00am (EST)
Location: London
Contact: James Blanche

VIDEO REPLAY:

CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF THIS WEBINAR

 

Summary:

A review of AIFMD’s stipulation that AIFMs must appoint a depositary bank to oversee assets and also those UK managers that are in the position to take advantage of the FCA’s so-called depo-lite model. It will also consider the third alternative – a model entailing a fund administrator obtaining a depositary agreement with a custodian bank.

 

Discussion topics will include the following themes:

  • What are the different depositary requirements which apply to hedge funds?
  • What are the core duties of a depositary?
  • Focusing on depositary-lite for EU AIFM of non-EU AIF marketed to EU investors, what models have evolved /are evolving and who will provide these services?
  • What is the responsibility of the AIFM when selecting a depositary and what are the main issues they should be considering?
  • How are prime brokers/ administrators and depositaries working together to provide a joined up and efficient solution to the new requirements for hedge funds?
  • What will be the operational implications for hedge funds and when do managers need to have a solution in place?
  • There have been a lot of concerns about the cost impact of the new depositary requirements, what are the likely costs and who will bear these, and is there any value (to investors or to managers) from the new requirements?
  • What will you need to include on your Variation of Permission application to the FCA and what will the FCA do with this information and be looking for?
  • What are the contractual arrangements and what will be required to be disclosed in offering documents?
  • How might the depositary requirements change over time (i.e. post 2018 if private placement abolished)

 

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SPEAKERS

The webinar will be moderated by COOConnect founding partner Dominic Hobson, and will include the following panellists:

 

Opening and closing remarks by Dominic Hobson, Founder of COOConnect.

 

Bill Prew is the Founder and CEO of INDOS Financial, an independent UK AIFMD depositary business which will specialise in hedge funds. INDOS has applied to the Financial Conduct Authority for authorisation. Bill is a qualified accountant with 20 years’ experience in the financial services industry with firms such as PwC, Barclays Global Investors and the hedge fund, James Caird Asset Management. Bill is a regular independent commentator and speaker on AIFMD.

 

David Morrison is Director of EMEA Head of Fiduciary Services at Citi Securities and Fund Services, and Director and Head of Citibank International’s Trustee and Depositary business across the EMEA region. David has extensive experience in funds compliance, risk management, coverage, product management, operational restructuring, and fund structuring, both in the UK and the main European fund centres. He has previously worked in an audit capacity, assessing risk and control environments across the continental European asset management industry. David is currently serving as Chairman for the UK Trustee & Depositary industry body, DATA and is the UK representative for the European equivalent, ETDF.
 

David Kane is Managing Director of the Global Head of Fiduciary & Compliance Services, Investor Services at J.P. Morgan. David joined the J.P. Morgan finance team in 1987 and has worked in the securities services business lines since 1992.  His current role is Global Head of Trust & Fiduciary Services which he started in June 2012.  J.P. Morgan’s Trust & Fiduciary franchise is the largest depositary in Europe, providing trustee and depositary services to more than 2,300 Collective Investment Schemes with a value of $1.5 trillion, across 12 different European jurisdictions with fund oversight activities hubbed in Bournemouth.

David has extensive experience in securities services. He has held a variety of roles across J.P. Morgan, including leading global teams in Operations and in onboarding new client business wins and strategic acquisitions into the firm.  His most recent role prior to taking on Trust & Fiduciary was head of Global Custody Operations, a position he assumed in 2006. In this position, David led the development of J.P. Morgan’s global operating model with integrated teams based in Dallas, Bournemouth, Mumbai and Bangalore, supporting $19 trillion of assets under custody for international clients. David has represented J.P. Morgan on a range of securities industry user groups and is currently on the Board of Directors of the Chartered Institute for Securities and Investment based in London.  David is a Chartered Management Accountant and has a BA in Accountancy.
 

Alistair Clegg is Director of Deutsche Bank Prime Finance. Alistair joined Deutsche Bank in 2001 and has worked in a wide range of roles within the Prime Finance group.  These includes include spells in the Client Management and Legal/Credit Transition teams before running the European Consulting and Transition Management team for several years.  Alistair is currently responsible for the strategic platform development of the Prime Brokerage product in Europe.  Prior to working at Deutsche Bank he worked at Morgan Stanley for 3 years in Securities Lending.
 

Roger Fishwick is a Director at Thomas Murray, and Chief Risk Officer in the Data Services business. Roger is a Cambridge University Natural Sciences graduate, with a Masters in Management Sciences from Manchester.  His first working decade was in the oil industry, where Roger qualified as an accountant and treasurer. In 1987, Roger joined Prudential Portfolio Managers, the global investment management arm of Prudential plc, establishing the treasury, then as Client Services Director, setting up the client accounting/reporting unit.  Subsequently, he became PPM Group Treasurer, responsible for the back office, treasury and securities lending functions, reselecting the global custodian, outsourcing UK custody, centralising futures clearing and integrating Scottish Amicable Investment Managers. 

In 2000, Roger moved from PPM to Thomas Murray.  He is a director of the firm, and is Chief Risk Officer in the Data Services business. Previously, he had responsibility for Institutional business, selecting service providers on behalf of major institutional investors as well as doing ratings of global custodians.
 

Stuart Martin is a Partner at Dechert LLP. Stuart has more than twenty years’ extensive experience advising international financial services and asset management businesses on their establishment and structuring, their financial products and on related corporate finance work. He advises on the establishment and structuring of retail and institutional funds and platforms including hedge funds, multi-manager funds, UCITS funds, property funds, private equity funds, emerging market funds and venture capital funds. Stuart also regularly advises on capital markets products for financial services companies, product mergers and re-organisations and listed investment funds. Stuart qualified as a solicitor in 1985 with Slaughter and May before subsequently joining Baring Asset Management as in-house counsel with responsibility for their investment funds in 1993. He joined Dechert as a partner in its financial services group in London at its inception in 1997. 

 

LOGISTICS AND PUBLICITY:

Venues

Each panel discussion will be broadcast live and will take place at a central London venue. Attendees will be able submit questions online that can be put to the panellists during the webinar.

 

Webinar Replays

Access to the recording of the webinars will be made available in three formats: as a video recording, as a written transcript of the discussion and as a podcast.

 

HOW TO GET INVOLVED

Please contact James Blanche, Director of Sales, if you would like further information on any of these webinars, to suggest a webinar topic, to participate in a panel discussion or to discuss sponsorship opportunities; by email at james.blanche@mycooconnect.com or by telephone on +44 (0)7769 277 927.

 

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