Depository
The advantages we provide as a depository
- More than 20 years of experience with closed-end investment assets, thus providing only minimal disruption of operational processes within an asset management company
CORDES TREUHAND distinguishes itself as a trustee depository - especially in comparison to the classical type of depositories - particularly through the legal, taxation and business expertise relating to many different types of closed-end funds that has been gained over decades. Due to this expertise, we are able to easily find an individual and customized depository setup for every type of AIF, whist at the same time avoiding later complications, such that - from the perspective of an asset management company operating in conformity with legal requirements - the depository can operate to a large extent unnoticed in the background.
- Support for all asset classes and all sizes of funds
We have already received BaFin approval for asset classes involving real estate, private equity, wind-power, aircraft, and railway investment assets. Further asset classes, such as, for example, ships and photovoltaic facilities, could be added without any problem due to our existing extensive experience.
- Contact continuity
Due to our very low staff fluctuation rate, the very specialized expertise that has been acquired by our employees over many years remains within our organization, so that we are able to ensure continuity as far as your personal contacts within our organization are concerned.
- Successful market entry as a depository
CORDES TREUHAND GmbH was incorporated in 2012 and constitutes one of the very few KAGB compliant depositories that were active as a depository for AIFs already on offer in 2013.
Despite a weak overall market, as of 31 December 2014, CORDES TREUHAND was already acting as a depository for six AIFs (of which three were public AIFs); by 31 December 2015 this number had increased to eleven AIFs (of which seven were public AIFs) for four different asset management companies with an investment volume totalling some EUR 300 million. Thus, CORDES TREUHAND belongs to the top five depositories in Germany (Source: BVI, research carried out by Konsort GmbH in 2015).
In addition to this, as of 31 December 2015, CORDES TREUHAND performed ongoing voluntary fund control activities, which were closely linked to statutory depository requirements, for seventeen closed-end funds set up in accordance with the VermAnlG; these had a total investment volume of some EUR 350 million.
Our services as a depository
- Performance of all necessary control and authorization requirements relating to an AIF depository in accordance with the KAGB, in compliance with all relevant regulations and pronouncements issued by the BaFin.
- Provision of support - even in the conception phase - by performing, amongst other tasks, comprehensive critical reviews of the investment conditions, the articles of association of an AIF and the sales information. Such support is provided in order to exclude (right from the outset) any later problems or liability risks, particularly those that can arise, for example, from unclear wording of investment criteria (“investment restrictions”) and the cost structure included in the investment conditions.
- Performance of complete ex-ante fund allocation controls, in both the investment and the de-investment phases, through use of a blocked account, in cases where this additional security is to be offered to the investors.
