Depositary for Real Assets in Germany and Luxembourg

In the area of real assets, we offer institutional customers a broad range of services as a depositary for alternative investment funds (AIF) - both according to German and Luxembourg fund structures.

Your partner for the custody of illiquid assets

Depositary for AIFs in Germany and Luxembourg

Our expertise enables us to provide a maximum of professional and individual support for your AIFs. The depositary takes over the investment law controls according to KAGB/AIFMD of all types of AIFs, which include custody, portfolio management as well as control and settlement.

Range of tasks

Our tasks as a depositary

The custody of real assets

As a dopistory, we ensure that investor interests are safeguarded and protect your capital from third-party access. In this way, we indirectly contribute to your investment success. While risk and portfolio management, among other things, are the original tasks of the fund manager, the depositary performs technical processing, safekeeping of the investment assets and various control functions for the protection of investors. These include


  • Verification of the ownership of the individual assets of the AIF
  • Inventory management of assets that cannot be held in custody, such as real estate, private equity and other tangible assets, open-ended and closed-ended AIFs
  • Monitoring and compliance with the legal and contractual investment conditions applicable to the respective AIF
  • Carrying out general legality checks on all transactions of the AIF or for the account of the AIF, for example with regard to transactions such as acquisitions and disposals as well as financing and encumbrances
  • Monitoring of cash flows (cash flow monitoring)
  • Monitoring of unit certificate transactions, including preparation or monitoring of individual unit value determinations
  • Monitoring of the contractually stipulated appropriation of earnings
"The depositary acts independently of the CMC and is primarily subject to the investor's interest and its protection. Due to the complex auditing involved in AIF products, it is an important and independent control body that provides particular security through legal expertise."
Robert Guzialowski, Head of Relationship Management Real Assets Germany

What we can do for you

Our services for mutual funds (UCITS) and special funds (AIFs)

We provide you with a highly qualified team in both Germany and Luxembourg with a strong service orientation and a high degree of individual consideration. You benefit from our unique network of partners in the fund business and from our particular strengths:


  • Focus on investor protection: we offer a highly specialized and expert custodian organization with a strong affinity for regulatory law (publications, commentaries, speaking engagements, etc.).
  • High level of expertise: In our customer service, a legal team of transaction-experienced lawyers in Germany acts as final and solely responsible experts - from the conclusion of the contract to the onboarding and the individual transactions of the assets in the fund. This high level of expertise is continued in the back-office areas - also in Luxembourg
  • Extensive range of asset classes in over 50 jurisdictions: The spectrum includes Real Estate, Private Equity, Renewable Energy, Aircraft/Aviation, Infrastructure and Loans (Debt Funds) as well as Custody and Control.
  • Customer focus: We maintain a partnership between the CMC and us as custodian. For example, the bank always provides the centrally responsible project manager for migrations/onboardings in order to keep the change effort at CMC as low as possible. The same people also support the CMC outside normal business hours.
  • Market presence in the real assets business: Regular user group meetings are held for all real asset customers. These meetings serve as a platform for professional exchange and as an internal marketplace for and with our customers.
We are at your disposal with pleasure

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