TMF Depositary NV approved by AFM as depositary for AIFMD fund

On 29 December 2014, TMF Depositary N.V. was approved by the Dutch financial markets authority AFM to act as depositary for a new Dutch property fund, Duinweide Supermarkten N.V.

In accordance with the Alternative Investment Fund Managers Directive (AIFMD), TMF Depositary N.V. will act as a depositary for Duinweide Supermarkten N.V. starting 29 December, 2014. Duinweide Supermarkten N.V. is a fund managed by Duinweide Investeringen N.V., an initiator of property funds that has been active since 2011 and has initiated seven earlier property funds. Duinweide specialises in finding upscale supermarkets with excellent sales, size and parking availability.

The AIFMD is a European directive introducing harmonised rules which should be met by alternative investment fund managers as of 22 July, 2014. This directive also applies to parties that solely focus on professional investors and were previously exempt from these rules. Pursuant to the Directive Dutch fund managers need an AFM licence and are obligated to appoint a depositary for the day-to-day supervisory tasks like managing cash flows, verifying ownership of underlying assets and supervising investment restrictions. TMF Depositary N.V. will carry out this role for Duinweide Supermarkten N.V.

TMF Depositary N.V. is a subsidiary of TMF Group and offers these new services to open and closed end funds that primarily invest in illiquid assets, like private equity and property funds.