Onshore structuring for Nordic fund managers

News - 25 November 2014

Onshore structuring for Nordic fund managers

As the debate regarding onshore structuring continues the Aztec Group has firmly planted its flag in the Nordic soil by opening an office in Stockholm and more recently being appointed by market leading Nordic fund manager Altor to provide both administration and depositary services to their latest fund.

Aztec Group has worked with Altor since 2003 providing administration services to their first three funds. Altor’s latest fund is different to their previous funds in that it will be domiciled in Sweden and is one of the first Swedish structures to fall under the regulatory ambit of the Alternative Investment Fund Managers Directive (the “Directive”). Altor successfully closed this fourth fund at its target cap of €2 billion in early July 2014, with significant additional interest from investors.

Opening the office in Stockholm has required Aztec to refine its existing administrative service model to ensure that the requirements of the Directive can be met. In doing this, the Group has extended the classic managed entity approach more commonly found in an offshore environment, so that it works onshore. With this outsourced fund administration model, legal and regulatory compliance is ensured and the fund manager is free to focus on value creation.

Andy Brizell, Managing Director of Aztec’s Swedish office, said “There has been considerable noise for some time on the domiciling of private equity funds in Sweden which, combined with our long standing relationship with Altor, has led us to this point. We are confident that this trend will continue and we are pleased to have brought our expertise to Sweden. In taking on this instruction, we’ve been able to extend our existing administration service model to incorporate onshore managers and funds that have to operate in compliance with the Directive. We think that being able to offer these services both here in Sweden and in the other EU jurisdictions in which we operate will be vitally important as fund managers look at future onshore fundraising.”

Now that the Directive is firmly embedded into Member States’ National law, Brizell is confident the trend of providing both administration and depositary services to a fund which falls under the Directive is also likely to rise. Brizell said, “The level of capability outsourcing can offer through the provision of intelligent, joined up services, delivering maximum value to investors is increasingly attractive as regulatory challenges advance.”

Jesper Eliasson, CFO at Altor commented “We have definitely broken new ground with the decision to domicile our latest fund in Sweden but the choice was made easier as the team at Aztec have provided us with a comprehensive yet commercial solution from a compliance and regulatory perspective. We are confident this new set up will further strengthen our ability to attract and build better businesses in the Nordics.”

For the Aztec Group the appointment also represents its first Swedish depositary mandate. Over the course of the last year, the Aztec Group has been building its depositary services offering in each of the EU jurisdictions in which it operates. Altor joins 14 other depositary services clients who have turned to Aztec to support their compliance with the Directive.

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If you would like to discuss outsourcing to the Aztec Group or are considering migrating a fund or SPV, please contact James Duffield, our Head of Business Development on +44 20 3818 0250.

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