Citi opens Dutch depositary branch

Citi opens Dutch depositary branch

Citi has announced the opening of a new a depositary facility in the Netherlands and named Jan-Olov Nord as its depositary head in the country.

The expansion comes on the back of the EU's Alternative Investment Fund Managers Directive (AIFM directive), which Citi said would have a “fundamental impact” in how Dutch investment managers operate.

The Dutch depositary office will offer Netherlands-domiciled funds services including oversight of funds' service providers, safekeeping of funds' assets and daily automated monitoring of funds' investment guidelines and regulatory restrictions.

Citi appointed Jan-Olov Nord as head of depositary services, Netherlands for Citi's Securities and Fund Services. Nord has
over 27 years experience in markets experience and has worked for Citi for the past 15 years, covering Dutch and global investment managers.

Sanjiv Sawhney, Emea head of Securities and Fund Services at Citi, said: "Our Dutch depositary facility opens in readiness for the Alternative Investment Fund Managers Directive (AIFMD) which fundamentally impacts the way our investment fund clients conduct their businesses.

"We look forward to strengthening our presence in the Netherlands and  is the right person to help Citi's clients, and the Dutch investment community, continue to grow internationally."

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