Leadenhall Capital Partners LLP, the London headquartered insurance and reinsurance linked investment manager, has signed up U.S. Bank Depositary Services to provide depositary services for its Leadenhall UCITS ILS Fund PLC.
U.S. Bank will provide core depositary services of asset safekeeping, fiduciary oversight and cash monitoring to Leadenhall for the UCITS ILS fund, which invests primarily in catastrophe bond assets.
Regulated investment funds domiciled in the EU can be required to appoint a depositary to comply with the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investments in Transferable Securities Directive (UCITS).
With the Leadenhall managed ILS fund a UCITS compliant fund domiciled in Ireland, the need for a service provider is clear and U.S. Bank was selected for its ability to provide full depository services to meet this need.
“As we expand our business, we’re committed to supporting clients’ depositary needs with our customizable service offerings, state-of-the-art technology and global resources,” said Joe Neuberger, president of U.S. Bank Global Fund Services. “We worked closely with Leadenhall, as we do with all our clients, to determine their specific requirements so we can provide just the right selection of services.”
Leadenhall’s Chief Operating Officer Chris Learmonth, explained why the ILS manager selected U.S. Bank Global Fund Services and itsdepositary offering, “The team at U.S Bank partnered with us to identify all our custodial, reporting and operational needs. They provided us with a flexible, cost-effective solution that meets all necessary regulatory requirements and gives us great confidence in their fiduciary oversight.”
In addition, U.S. Bank Global Fund Services Ireland serves as the principal administrator of fund accounting, financial reporting and investor services for Leadenhall ILS fund products.
“Given the complexity of the current regulatory environment, it’s essential for funds to find a bank-backed depositary with a solid balance sheet and strong credit rating,” added Linda Gorman, head of U.S. Bank’s alternative investment solutions division in Europe. “Clients are looking for expertise they can trust; they want a provider with a deep understanding of the industry, investments and their goals.”
Leadenhall Capital Partners currently manages around $5.5 billion of insurance and reinsurance linked assets in funds and mandates.
“We had high expectations when we announced our new depositary solution last year,” Breda Sullivan, U.S. Bank head of depositary services – Europe, said. “Now, with a client like Leadenhall selecting us to serve in this important role, it further affirms the product we’ve developed and our capabilities to deliver a client-centric solution.
“We take pride in maintaining a strong and ethical reputation in the industry, making us a trustworthy choice for Irish regulated investment funds.”