Langham Hall Depositary Service Update

1st June 2013

Langham Hall is on track to be ready for 22nd July and we are waiting for the FCA to start taking applications. The latest timing for this is reported by the FCA to be at the end of April. We are currently refining the operating model and are starting to engage potential clients on our approach and what they will need to do to be ready.
Langham Hall?s intention is to mould its services around the clients existing infrastructure, therefore minimising disruption and inconvenience. We recognise that every fund is different and we will try to tailor our services to each client. We will also offer depositary-only services for those clients who do not require additional services. Accordingly, pricing will be determined on a client-by client basis and will be specifically adapted to the work involved for each client. One of the first steps for client take on would be to carry out a risk based assessment. This is to ensure that Langham Hall satisfies itself that the clients? own internal procedures meets our benchmark and thus enables Langham Hall to meet the three key areas of responsibility for the Depositary, identified as:
? Cash Monitoring
? Safekeeping of assets
? Monitoring activities of the fund
If you are affected by AIFMD and would like to discuss this further, please contact Rob Short on +44 20 3597 7900 or on rob.short@langhamhall.com.