By Hedge Fund Insight staff
Portcullis Asset Management Limited (“Portcullis”), licensed by the Malta Financial Services Authority (“MFSA”), today announces it is launching as a Malta based Alternative Investment Fund Manager (“AIFM”) to assist alternative investment funds to comply with the Alternative Investment Fund Management Directive (“AIFMD”).
As a regulated AIFM, Portcullis will assume responsibility for all AIFMD management functions on behalf of its clients. Funds managed through Portcullis’s AIFM services will benefit from Portcullis’s AIFMD marketing passport to market shares to professional investors. Under this passport, reporting is centralised through Portcullis’s reporting to the MFSA, instead of to each EU member state regulator. The MFSA’s implementation of ESMA’s AIFMD rules on remuneration permits sub-investment managers using Portcullis’s services as AIFM significant flexibility in setting their own remuneration policies.
In addition, Portcullis has collaborated with a UK regulatory hosting platform for portfolio managers who do not have access to a regulated entity from which to provide investment advisory or portfolio management. This FCA regulated, hosted platform will assume responsibility for those portfolio managers accepted onto the platform whilst also allowing them to save the time and cost associated with obtaining their own FCA authorisation.
Portcullis is in the process of establishing an EU regulated umbrella fund which will allow the establishment of dedicated sub-funds under the umbrella that can be either managed by a sub-manager or advised by a dedicated investment advisor.
Portcullis has also announced the appointment of David Barry to the board and as its new CEO. David joins Portcullis from TMF Custom House Group where he was Head of Sales and Business Development and part of the Executive Committee. David has over fifteen years experience across the EU and US funds industry. He is a Fellow of the Association of Chartered and Certified Accountants.
Joseph Aquilina, Chairman, Portcullis commented: “We are pleased to announce the appointment of David Barry to the board and as CEO, with immediate effect. David brings with him a wealth of experience across the European funds industry making him ideally placed to lead Portcullis and to advise funds on their AIFMD responsibilities.”
David Barry, CEO, Portcullis, commented: “I am delighted to join Portcullis and work with the team to advise alternative investment funds of their regulatory responsibilities and facilitate a quick and cost-effective route to market in the EU. Portfolio Managers will be able to focus on running their funds whilst at Portcullis we will assume the key fund management functions, as stipulated under the AIFMD.”
About Portcullis Asset Management
Portcullis Asset Management is a fully licensed Alternative Investment Fund Manager (“AIFM”) under the MFSA. Under the AIFMD, that became mandatory in July 2014, alternative investment funds, including hedge funds and private equity, are monitored and supervised through the EU-wide regulatory framework.
Portcullis provides alternative investment funds with the necessary solutions to ensure compliance with their obligations under AIFMD including hosted and umbrella platforms, governance amongst other services. For further information, please visit the website: www.portcullisam.com