On 28 February 2014 Aztec Sweden received permission from the Finansinspektionen to provide depositary services to closed ended fund structures in Sweden. The permission cements the Aztec Group’s commitment to the Swedish market and has allowed the new Stockholm office to take on two Swedish depositary mandates.
In response to the adoption of the Alternative Investment Fund Managers Directive in July 2013 (as enacted in Sweden through the Swedish Alternative Investment Fund Managers Act (SFS 2013:561) (Sw. lagen (2013:561) om förvaltare av alternativa investeringsfonder)), the Aztec Group has rolled out its tried and tested triple award winning administration service model into the depositary space. Building on its extensive experience of meeting materially equivalent depositary obligations in other Group operating jurisdictions, the Aztec Group has developed two ISAE 3402 accredited service models for delivering depositary services, covering relationships where administration is outsourced and those where it is not.
Aztec Group has tracked the development and implementation of the Directive closely over the last three years. Members of the Aztec Group’s in-house legal team have written extensively on the subject and have liaised with and lobbied regulators (including the FCA) and industry bodies (such as the EVCA) during the transposition process with the aim of ensuring a sensible application for industry.
Aztec Group’s in-depth knowledge of the Directive has allowed it to develop its own depositary procedures in-house (which have subsequently been approved by a top international law firm). When coupled with a wider understanding of the legislative environment, this ensures that when acting as a depositary, the Aztec Group is able to offer a flexible, pragmatic and low impact approach, molding its procedures to fit those of the manager.
Aztec Group has always recognised that one size definitely does not fit all, and as a result has been providing relationship driven, tailored solutions to managers for many years. Aztec has extended this approach into its depositary service offering and is now providing joined up depositary and administration services to Swedish managers from its fully operational office in Stockholm.