Depositary (funds)

Roles that need it

• Depositary Oversight Analyst
• Custody Operations Analyst
• Fund Accountant
• Compliance Officer
• Legal Counsel

Skills it belongs to

• Fund regulation and structures (UCITS, AIFMD, US 1940 Act)
• Custody and asset servicing
• Internal controls and risk oversight

Related concepts

• UCITS (Undertakings for collective investment in transferable securities)A UCITS is an open-ended investment fund authorised under Directive 2009/65/EC that invests in liquid financial assets under diversification and leverage limits. A UCITS authorised in one member state can be marketed to retail investors across the EU with a passport, and it must appoint a depositary.
• AIFMD (Alternative Investment Fund Managers Directive)The Alternative Investment Fund Managers Directive (AIFMD), Directive 2011/61/EU, regulates managers of funds that are not UCITS, such as hedge, private equity, real estate and infrastructure funds. It sets authorisation, capital, depositary, reporting and marketing rules; Directive (EU) 2024/927 (AIFMD II) adds loan origination and liquidity rules.
• SafekeepingSafekeeping is the holding and administration of securities on behalf of others, so that an investor's assets are recorded, protected and kept separate from the custodian's own. Under the UCITS Directive and the Alternative Investment Fund Managers Directive (AIFMD) the depositary must hold financial instruments in custody and verify ownership of other assets, with strict liability for losses.
• NAV (Net asset value)Net asset value (NAV) is the value of a fund's assets minus its liabilities. NAV per share, or per unit, is the NAV of a share class divided by the number of shares in issue, and it is the price at which investors subscribe to and redeem from an open-ended fund.
• CustodianA custodian is a financial institution, usually a bank, that holds securities and cash on behalf of clients, settles their trades and services the assets through corporate actions, income collection, tax relief and reporting. A global custodian covers many markets through its own branches or a network of sub-custodians.

Sources

• Directive 2009/65/EC (UCITS Directive), EUR-Lex (external site) accessed 31 Oct 2026
• Directive 2011/61/EU (AIFMD), EUR-Lex (external site) accessed 31 Oct 2026
• Commission Delegated Regulation (EU) 2016/438 (UCITS depositaries), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.