Custom House Fund Services (Netherlands) provides Depository services (also referred to as custodian or trustee services) under Dutch laws to hedge and long only funds as well as to private equity and real estate funds. The Depository (in Dutch: Bewaarder) is appointed basically to segregate the legal ownership of the Fund’s assets from the Manager in the interest of the unit-holders. The appointment of a Depository is mandatory under the Dutch Financial Markets Supervision Act (in Dutch: Wet op Financieel Toezicht) in the case that the Fund is not a legal person (e.g. a fund for joint account or limited partnership) and optional in all other cases.
The Depository itself:
- is a legal person entrusted with the safekeeping of the Fund’s assets
- should be separate from the Manager
- should only act in the interest of the unit holders of the Fund
- Depository and Manager may only dispose of or acquire jointly the Fund’s assets
- Financial Markets Authority does not supervise the Depository directly but through the Manager
- Regulatory required capital base: EUR 112,500*
Whereas the Management Company (the “Manager”):
- Is a legal person entrusted with the management of one or more Fund(s)
- Financial Markets Authority grants the license and supervises the Manager*
- Regulatory required capital base: EUR 250,000*
* The Exemption Rule Dutch Financial Markets Supervision Act provides in exemptions for this capital requirement.
Custom House provides depository services through ‘Administratiekantoor van De Twentsche Trust Maatschappij BV’ (“ATTM”). ATTM is a privately owned company with limited liability that is a fully owned subsidiary of Custom House and a member of the Equity Trust Group of companies. Its statutory objects are limited to those of a Depository.
The Depository (“Bewaarder”) services of Custom House Fund Services (Netherlands) are SAS 70 – II certified.
For further information please contact:
Custom House Fund Services (Netherlands) BV
Mr. Robert Vennegoor, Managing Director
Tel. +31 20 406 4476