Leon Den Exter and Vumi Dube have recently been featured in the Hedgeweek Special Report, read more…

Thursday the 19th January 2017 saw the first DMS Investment Funds Summit held in New York. We had some excellent panelists including Pat Daly from Park Hill, George Fox from Titan and Thomas Hickey from Foley & Lardner, to name but a few. The topics covered were very much of interest to our clients and investors, including the challenging environment for hedge funds, changing investor trends and successful capital raising.

We wish you a Happy and Prosperous Chinese New Year! Kung Hei Fat Choi!

William Woolverton was recently interviewed by the Hedge Fund Law Report, to read more on the importance of robust fund governance and his reasons for joining DMS. Click here to read more.

DMS Governance (DMS), the world’s leading fund governance firm is pleased to announce the immediate relocation of a team of executives to augment its expansion to a planned 20 employees by year end.

From its new offices in Belair, Luxembourg, the team will be led by Executive Director Darren Gorman. Darren will oversee the recruitment of experienced, local professionals to complement DMS’s unique process and relationship driven approach. This expansion is necessitated by DMS being the Third Party Management Company of choice for leading institutional Investment Managers in Europe and the Fund Governance name that US investment managers know, trust and look to when establishing their European product.

Darren brings with him over 20 years of compliance and management experience in regulated financial services firms in Luxembourg, London and Dublin.

Relocating with Darren are Kim Lattimore who will oversee compliance, Miriam Wall who will drive client relationship management and Paddy Foley who will ensure that our substantive risk oversight and monitoring is performed on site in Luxembourg.

Supporting them will be the current Executive team of Nick Parkes and Scott Aitken and dedicated Business Development lead Gavin Devitt and Executive Director, Lori Webb-Griffith.

“Our model has been validated by the demand for our approach to Third Party Management Company and Governance services in Luxembourg. The fact that we generate our own risk, can perform all non-Alpha generating functions on an outsourced basis allied to our pre-eminent position in Fund Governance globally has led to us seeing an exceptional demand. We are pleased to have such a strong and dedicated team ready to deploy to Luxembourg immediately to support our growth and that of our partners.” commented Derek Delaney, Managing Director – Europe.

Last week, as we expected, the UK Financial Conduct Authority (FCA) published amendments to its transparency reporting requirements under the Alternative Investment Fund Managers Directive (AIFMD). This action implements the changes originally proposed in the FCA’s July 2016 Consultation Paper which essentially requires look-through reporting for feeder funds to their corresponding master fund. The latest changes to “Annex IV”, as it is more widely known, become effective on 29 June 2017 and will significantly increase the burden on certain managers.

The updated FCA rules require the following groups to report Article 24(2) data for master funds:

• Full-scope UK AIFMs that manage non-EEA AIFs, but do not market them in the EEA. These are AIFMs that report on a quarterly basis; and
• Above threshold non-EEA AIFMs that market feeder AIFs in the UK where the master AIF is not marketed in the UK

Article 24(2) data covers items relating to security class exposures, turnover, risk profile, counterparty risk, liquidity, and leverage, amongst others and the effective date of 29 June 2017 implies that AIFM filings for Quarter 2, 2017 will need to comply with the new requirements.

Notably, this change brings harmonization with the practices of regulators in Ireland, Luxembourg, and Belgium that have already implemented similar measures. The FCA have stated that “Our proposals aim to reduce these information gaps so we can more effectively monitor and compare the risk-taking activities of certain AIFMs that are required to report to us, with the aim of supporting increased financial stability and reducing systemic risk.”

DMS has received several inquiries regarding our involvement in the recent Platinum Management case. In light of this, we would like to share with you the information we have previously communicated to investors.:-

1. We are pleased to confirm that DMS has not been subject to any litigation related to Platinum.
2. We are also pleased to confirm that DMS is not the subject of any inquiries, investigations or other proceedings by any regulatory authority related to Platinum.

To the contrary actually, as is evident from the public information currently available in the SEC complaint (clause 70), the SEC has relied on the work of DMS in its investigation of Platinum https://www.sec.gov/litigation/complaints/2016/comp-pr2016-267.pdf

In contrast, it’s notable that the SEC has not referenced the work of the other directors representing the other Platinum funds.

This is yet another case of the effective work of DMS and our outstanding reputation, working with the SEC to successfully protect the interests of investors such as in the American Pegasus case, https://www.sec.gov/litigation/admin/2010/33-9167.pdf, among several others. We wish that we could share more in-depth details about the great work we did on the Platinum case at this stage, but unfortunately we do still owe a duty of confidentiality to the company.

Needless to say, we are very proud of our work in this case as an example of how DMS directors strive to protect the interests of investors. We are optimistic that the SEC will continue to disclose further information publicly so that we can comment freely.

Any inquiries relating to this matter can be directed to: Alison Sims, Marketing Manager: asims@dmsgovernance.com

MiFID II is an important and key regulatory game changer for the investment fund and capital market industry; it will transform how investment management activities are regulated, performed, overseen and reported to regulators.

Five key areas where MiFID II will impact your business:

• Business Model
• Distribution Channels
• Compliance
• Products
• Profitability

European Capital flows are expected to continue their upward trajectory despite sluggish global growth concerns and the diminishing of monetary easing polices. Continuing the trend of last year, 2017 is expected to see continued strong inflows of capital from domestic and international investors into European bespoke investment strategies.

DMS is experiencing first hand, large institutional mandates being allocated to Separate Managed Accounts (SMAs). SMAs offer a number of key advantages to investors such as:

1. Broad range of investment choices
2. Customized asset allocation
3. Competitive fees
4. Investment restrictions
5. Transparency

SMAs will be governed by clear and transparent rules called MiFID II which will harmonize the EU’s regulatory approach to non-EU investment managers.

How can DMS help?
DMS is uniquely positioned in the market place to provide an effective solution that meets these new requirements. DMS has prepared to meet these regulatory challenges for its clients by acquiring a MiFID firm authorised and regulated by the Central Bank of Ireland with a pan European, cross border footprint across collective investment schemes and SMAs.

Under MIFID II, third country firms will be required to have substance and resources on the ground in Europe to enable them to market to accepted European investors through collective investment schemes and SMAs. Officially this does not come into force until January 3rd 2018 but firms will need to be able to demonstrate and give their investors comfort and certainty that they have a solution in place which will work for their clients from now and beyond January 2018.

In conjunction with DMS’s market leading independent AIFMD and UCITS Management Company capabilities and offering, DMS has a key competitive market advantage in its ability to provide the regulatory solutions and substance that managers and advisers require in order to continue to access European capital.

Don Ebanks will be speaking this week at the HFM Asia Operational Leaders Summit in Macau, for more information, please visit https://www.eiseverywhere.com/ehome/213696/479360/

DMS will be at the SFIG Vegas conference from 26th Feb to 1st March – please stop by our booth.

For more information, please contact:

Murray McGregor | BIO
mmcgregor@dmsbank.com
+1.345.749.2538

Colm O Driscoll | BIO
codriscoll@dmsbank.com
+1.345.749.2795

David O’Flaherty | BIO
doflaherty@dmsgovernance.com
+1.212.257.5053

How the Irish Financial Services Industry Continues to Provide Stability in an Uncertain World

U.S. managers are flocking back to Europe. How did we get from the depths of the crisis to this point of unlimited opportunity?

On November 1, 2010, my Aer Lingus flight from Dublin touched the ground in JFK and I began my role as the U.S. representative of a leading Irish law firm. As a practicing investment funds lawyer, admitted by the Law Society of Ireland, my remit was twofold: (i) provide Irish legal services to U.S. managers looking to access European capital through Irish structures, and (ii) market the Firm to as wide an audience as possible.

Click here to read full article.

The Context Alternative Lending Summit 2017
January 30-31, 2017
Fontainebleau Hotel, Miami Beach

Dan Forbes will be speaking at the Irisih Funds Toronto Seminar on 6th March 2017, read more

Building on the momentum of 2016 where 10 UCITS funds had been launched, we are pleased to advise of a positive start to 2017 with an additional three UCITS launches with the following solutions provided:.

• UCITS Platform hosting to a U.S. SEC regulated Investment Manager.
• Third Party UCITS Management Company inclusive of retained investment manager services to a Swiss based investment advisor.
• Third Party UCITS Management Company to a Swiss regulated investment manager.

Good Harbor, based in Chicago, has launched its first UCITS product on the DMS UCITS Corrib Platform ICAV “Leland Thomson Reuters Private Equity Index Fund”. Structured as a UCITS, the Fund offers investors daily liquidity and low minimums, allowing for access to private equity buyout-like returns to non-institutional investors. Recognising the impact that these alternatives have had, and the results which have been achieved, non-institutional investors have looked to incorporate alternatives such as private equity buyout investments into their own portfolio construction. However, these investments have been difficult to access since they are typically only available to accredited investors, and have generally been accompanied by long lock-up periods, higher fees, complex tax structures, and a lack of transparency.

QCAM Currency Asset Management AG’s v-Pro is a long/short FX volatility program and will be the second fund to launch this year on the ICAV platform. This fund adopts four different volatility strategies in order to achieve stable returns in various market environments. v-Pro uses a blended approach where profitable trades are identified through quantitative analysis of the volatility and spot markets combined with discretionary filtering through QCAM’s volatility trading team. Investments are mainly carried out in highly liquid major currencies, completed by opportunity trades in emerging currencies.

DMS Investment Management Services (Europe) Limited is an authorized Alternative Investment Fund Manager (AIFM) and UCITS management company approved by the Central Bank of Ireland and the CSSF in Luxembourg. DMS Europe is headquartered in Ireland, with offices in London and Luxembourg to support our clients for European regulated products. Our services include:

• AIFMD & UCITS Management Company (Ireland & Luxembourg)
• AIFMD & UCITS Umbrella Fund Platforms (Ireland & Luxembourg)
• Designated Persons (Ireland & Luxembourg)
• Risk Management (All domiciles)
• Regulatory Reporting (AIFMD Annex IV, Form PF, CPO and OPERA)

“The DMS UCITS V compliant ICAV Platform’s, DMS QIAIF ICAV Platform and third party fund services have seen an unprecedented level of demand during the last quarter” stated Conor MacGuinness, DMS Governance.

DMS are pleased to support the increasing level of launches in both Luxembourg and Ireland with the RAIF in Luxembourg now seeing an increased interest from U.S. managers.

For the fourth consecutive year DMS has been named Best Offshore Regulatory Advisory Firm by the influential international hedge funds magazine, Hedgeweek. The awards recognise excellence among hedge fund managers and service providers around the world and are based on a rigorous peer review survey of Hedgeweek’s readers, which include a global audience of investors, fund managers and industry service providers.

Commenting on the win, announced earlier this month at the London awards ceremony, DMS’ CEO Anne Storie said:

“To be named Best Offshore Regulatory Advisory Firm for the fourth consecutive year by Hedgeweek is something we are extremely proud of. DMS’ expertise in its field is unmatched and our distinctive track record sets us apart from our competitors. This award reinforces our position as industry leader and further illustrates our proven track record of supporting the fund industry through a wide range of innovative and complementary products.”

DMS is renowned for pioneering professional fund governance services and for the uncompromising performance of its directors who serve on the boards of investment funds. Managers and investors seeking high-quality fund governance overwhelmingly turn to DMS when they want to achieve industry-wide sound practices.

John D’Agostino will be speaking at the Talking Hedge Conference on 5th April 2017 at the Harvard Club of New York City. If you would like to attend and for a 10% discount, please email conference organizer Meg Bode at meg@bodeassociates.com and reference DMS Governance. For more information on the confernece please visit talkinghedgeevents.com.

We are excited to have been shortlisted in four categories for these prestigious awards:-

• Best Advisory Firm – Regulation and Compliance
• Best AIFMD Solution
• Best Regulatory Hosting Platform
• Best UCITS Platform

Check out the shortlist here >

Ireland is considered the birthplace of the aviation finance industry, with Tony Ryan and his GPA credited as an early pioneer. With 72 countries in our double tax treaty network and counting, Ireland is set to cement its position as the domicile of choice for aircraft leasing transactions.

DMS is committed to offering our clients a best in class support solution. As a result of this commitment, DMS’ structured finance team has continued to grow with Andy Murphy heading up the structured finance team in Dublin. As a specialist structured finance service provider, we work seamlessly with some of the largest law firms in Dublin, providing our clients with a comprehensive solution when it comes to your aircraft leasing transactions.

Aircraft Lease Services DMS Offers:-

• Treasury services
• Contracts management assistance
• Registered office
• Company secretary
• Two Irish resident directors
• Day to day SPV administration
• Corporate accounting and bookkeeping
• Share trustee
• Waterfall calculation agent
• Registrar and paying agent (to unlisted notes)

Why DMS?

Deep history with securitization – We currently support a wide range of structured finance transactions including aircraft leasing, CLO’s/CDO’s, debt programs, trade receivables/invoice discounting, asset backed finance, property and commercial paper.

Dedicated structured finance team – We have a highly experienced structured finance team with a mix of accounting, tax and law backgrounds – all with specific focus on structured finance transactions. Our directors will have detailed structured finance experience, all with experience managing complex structures.

Contracts management assistance – DMS will monitor each contract associated with the SPV and track late payments. Should a late payment occur, we will alert you and make you aware once the payment is received.

Treasury Services – DMS has partnered with a global leading provider of treasury services solutions. We offer best in class treasury services solutions to all our SPV clients. DMS aggregate our cash balances, thereby bypassing any minimums that would have imposed on SPV’s or funds at a stand alone level.

About DMS Europe:

In 2008, DMS Europe successfully launched its Dublin operations, with an initial aim to provide governance services to fund managers.

In 2012, after four years of steady growth, DMS became an authorized Alternative Investment Fund Manager (AIFM) and UCITS management company approved by the Central Bank of Ireland and the CSSF in Luxembourg. DMS Europe is headquartered in Ireland, with additional offices in London and Luxembourg to support our clients for European regulated products.

DMS Europe has grown exponentially over the last number of years to our current staff levels of 65 employees, with a further commitment to hire 50 more staff over the next 24 months.

Our Luxembourg team was pleased to welcome to their office today, Ambassador Peadar Carpenter, the Ambassador of Ireland to Luxembourg.

The post Luxembourg team welcomes Ambassador Peadar Carpenter appeared first on DMS Governance.

Informational webcast to learn more on how DMS CAN ASSIST YOU to manage and distribute your investment strategies through AN AIFMD OR UCITS COMPLIANT STRUCTURE.

DMS Investment Management Services (Europe) Limited (“DMS”) is an authorized Alternative Investment Fund Manager (AIFM) and UCITS management company approved and regulated by the Central Bank of Ireland to provide AIFM and UCITS management company services in Ireland and Luxembourg. DMS Europe is headquartered in Ireland, with offices in London and Luxembourg to support our clients for European regulated products. In addition to platform and hosting solutions we can also offer solutions for MiFID and MiFID II.

DMS also provides a comprehensive suite of regulatory and risk reporting solutions, each of which is delivered via a strong, service-oriented and client-focused team. The DMS Regulatory and Risk Solutions provide simple and holistic service to cover regulatory and bespoke needs.

Panelists:

Derek Delaney

Managing Director

Dublin

ddelaney@dmsgovernance.com

(P) +353.1.619.2304

(C) +353.86.798.1370

Francine Balbina

Executive Director

Sao Paulo

fbalbina@dmsgovernance.com

(P) +55.11.2787.6213

(C) +55.11.9905.8021

Laurent Leclercq

Head of Distribution

London

lleclercq@dmsgovernance.com

(P) +44.2037.096.903

(C) +44.7531.010.406

The post Webinar: AIFMD and Distribution appeared first on DMS Governance.