CACEIS has been appointed as depositary for the first two mutual ship funds under the German KAGB investment act. The closed-end funds, MS Marguerita and MS Tanja, will be managed by MST AIFM Eins Fondsmanager, the investment management company of MST Mineralien Schiffahrt Spedition und Transport GmbH.
Matthias M Ruttmann, managing director of MST, says: “We found CACEIS to be a flexible service provider, keen to seek out solutions for new asset types: Our ships will be the first of this asset type to be structured in a German alternative investment fund. We have put our trust in CACEIS`s experience in dealing with regulations and launching funds holding new asset types, so will have a solid framework for the launch of the funds.”
Holger Sepp, a member of the Management Board at CACEIS in Germany, added: “When entering the closed-end funds industry, we clearly committed ourselves to delivering depository service to all major asset types. During the last couple of months, we have ensured we are fully prepared to handle all relevant requirements for the funds such as the depository function and relevant legal aspects.”