RBS International Depositary Services S.A

RBS International Depositary Services S.A. is a Luxembourg-incorporated depositary affiliated with RBS International, part of NatWest Group, authorised and supervised by the Commission de Surveillance du Secteur Financier (CSSF) to act for Luxembourg-domiciled UCITS and alternative investment funds. Its core mandate covers safekeeping of assets (custody of financial instruments and record-keeping/verification for non-custodiable assets), cash flow monitoring, and oversight of key fund operations such as valuation, investment compliance, and subscriptions/redemptions under the UCITS V and AIFMD frameworks. The firm services a range of structures including SICAVs, FCPs, Part II funds, SIFs and RAIFs across traditional strategies and alternatives such as private equity, real estate and infrastructure, typically using a network of appointed sub-custodians and other delegates subject to due diligence, ongoing monitoring and contractual controls. Depositary liability generally follows the regulatory standard of strict restitution for loss of financial instruments held in custody, subject to defined external-event carve-outs, while oversight obligations extend to timely identification and escalation of breaches and reconciliation of positions and cash. Operating arrangements usually include segregation of assets, mapped cash accounts at approved institutions, data interfaces with administrators and managers, and periodic reporting via agreed channels (e.g., files or SWIFT), with daily oversight common for UCITS and frequency aligned to the fund dealing cycle for AIFs. Onboarding typically involves KYC/AML checks on the fund and its governing parties, documentation review, asset mapping and connectivity testing; timelines vary by structure, asset mix and market footprint. Fees are commonly negotiated on a tiered basis relative to net asset value with minimums, plus transaction, safekeeping and sub-custodian pass-through charges and out-of-pocket expenses, and contractual terms usually address service levels, liability, indemnities, and exit mechanics. Key considerations for prospective clients include coverage and control of the sub-custodian network, capabilities for illiquid assets and verification of title, reconciliations and breach management processes, reporting formats, cut-off times, and contingency arrangements. As with peers, risk factors include counterparty and operational risk at the depositary and its delegates, market and settlement risk in certain jurisdictions, and potential conflicts where group entities provide related services; these are ordinarily managed through segregation, governance and conflicts of interest policies required by regulation. Services are targeted at professional and institutional clients, with data processing subject to Luxembourg law and GDPR.