AIFMD segregation power lies with depository banks
The European Securities and Markets Authority has published a consultation paper on asset segregation requirements under the alternative investment fund managers directive - commentators discuss it
The fact that Esma is forcing segregation of alternative investment fund (AIF) assets from non-AIF assets is not surprising, especially given the AIFMD language requiring the identification of assets of AIFs at the sub-custodian level. The segregation will be welcomed by depositories who have liability for the assets held with sub-custodians, but no effective control over them. Esma is consulting on two options, both of which require segregation of AIF assets
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