Property manager CBRE gains AIFMD licence

EUCBRE Global Multi Manager, a property investor, has gained a licence under the Alternative Investment Fund Managers Directive (AIFMD) from the UK financial regulator and appointed two depositaries, Northern Trust and Royal Bank of Canada. The AIFMD requires some alternative funds to appoint depositaries for the first time. The firm also has permission to market its funds across Europe without the need to have regard to each country’s private placement regime. The granting of the licence means that CBRE Global Multi Manager will be able to continue as investment manager post-July 2014. CBRE Global Multi Manager manages $12.3 billion (€9.02 billion) of assets under management invested in private real estate funds, secondaries and co-investments, both for separate account clients and through co-mingled funds. CBRE Global Investors has $90.2 billion in assets under management (as of March 31). ©2014 funds europe

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