New York (HedgeCo.Net) – New York Deutsche Bank’s Trust & Securities Services (“TSS”) unit, part of its Global Transaction Banking division, has received Qualified Matching Service (QMS) designation from the Internal Revenue Service (IRS) for its dbRemarket platform.
The service is designed to provide an independent platform to allow buyers and sellers to avoid protracted negotiations and to streamline the transfer of fund interests. Bidding will be conducted electronically through a reverse Dutch auction. This process increases the probability of a successful sale by allocating the seller’s interests to one or more buyers. DBSI’s role in the process is that of an independent, neutral agent.
dbRemarket, which provides investors in private equity and hedge funds with a transparent way of effecting the purchase or sale of partnership interests in the secondary market, was launched in June 2011. Partnership interests that transfer via dbRemarket will qualify for the QMS safe harbor, which increases the percentage of interests that can be transferred during a fund’s taxable year from 2% to 10%.
“We specifically designed dbRemarket to offer our clients a unique alternative to meet their liquidity needs,” said Kevin Weeks, Global Head of Business Development for Corporate Trust. “Buyers and sellers now have the opportunity to come together in a well-defined auction process to value and trade assets that is designed to ensure speed and accuracy.”
Alternative investors and fund managers interested in learning more about dbRemarket can visit www.tss.db.com/remarket
Alex Akesson
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