Multinational law firm Pinsent Masons has advised global fund administrator Sanne Group on the first specialised depositary licence to be granted by the Central Bank of Ireland, further enhancing Sanne’s capabilities in Ireland and its multi-jurisdictional proposition for alternative fund managers.

Sanne, a FTSE 250 company with an Irish presence since 2008, is now licenced to provide depositary services to collective investment schemes that require a streamlined, independent specialised depositary to comply with all AIFMD obligations. The new licence expands Sanne’s well-established product offering to cater for Irish domiciled closed-ended funds.

The Pinsent Masons team acting for Sanne Group was led by Head of Dublin office Gayle Bowen alongside Niamh Murray and Áine Ni Riain. Commenting on the granting of the licence, Gayle Bowen said:

“We are delighted to have worked work on such a successful project for Sanne. This new authorisation and the work we have done for the Sanne Group over the last year is particularly timely with the enacting of Ireland’s new Investment Limited Partnership (ILP) legislation, which we expect to become the vehicle of choice for real asset investors. Having this new permission, will greatly enhance their offering in this space and we believe that many others will follow suit. Our thanks to Dermot Mockler and Philip Dempsey of Sanne Group, who we enjoyed working with on this project and we look forward to continuing to support the Sanne Group in the future.”