TCS Depositary acts as Warden or Depositary for managers of alternative investments (not shares) including investment funds that come under the AIFMD. This involves investments in ‘private equity’, real estate, long-term energy projects, infrastructure etc. TeslinCS can also operate as ‘Fund Administrator’ via TCS Fund & Family Services B.V. Should you wish to know more about this please visit teslincs.nl/fund-family.
A Warden and a Depositary fulfil supervisory functions, whereas Fund Administrators operate in a decidedly managerial way. For this reason the two roles should be strictly separate and to that end separate working bodies come into play.
Large funds in alternative investments – according to AIFMD norms (European guidelines) – require a Depositary. Smaller funds are not held to this requirement but often opt for an independent Warden. The latter can have several different roles. These will always be in the interests of the relevant investors.