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Digital Subscriptions > The Hedge Fund Journal > Issue 115 - July | August 2016 > The Implications Of Brexit On Depositaries

The Implications Of Brexit On Depositaries

The short term and long term picture post-referendum

AUK withdrawal from the European Union (EU) following the 23 June 2016 ‘Brexit’ Referendum has potential implications on the existing requirement for UK Alternative Investment Fund Managers (AIFMs) to appoint, in certain circumstances, a depositary under the Alternative Investment Fund Managers Directive (AIFMD).

To recap, AIFMD introduced a requirement for certain AIFMs to ensure that a depositary is appointed to perform a fiduciary oversight role over the Alternative Investment Funds (AIFs) which they manage. The depositary requirements for UK AIFMs can be summarised as follows:

• Smaller, sub threshold AIFMs (i.e. less than €100m of gross assets for open ended funds, and less than €500m for closed ended funds not employing leverage) are not subject to the depositary requirements.

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.
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