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Governance

Mutual Fund (FGR - Fonds voor Gemene Rekening)AIFMD light-exemption regime (art. 2:66a Wft)

Structure & Partners

The governance of Zenth Capital Fund is organized around strict formal segregation between legal title, investment management, independent administration and custody.

Governance Chart

Capital Flows & Division of Roles

Select a flow or click an entity to examine formal authorities and statutory restrictions.

Perspective / Filter

Select a stream to visualize the formal segregation between capital and instructions.

Capital Flow (Subscriptions & Redemptions)
Trading Orders & NAV Reporting
Click an entity for statutory role description

Structural connecting flows

1. Capital Flow

Participant deposits directly into fund bank account of Stichting Bewaarder. The manager cannot withdraw funds.

2. Trading Orders

Manager (Zenth) submits trading instructions to Prime Broker. The Broker executes orders and safeguards securities.

3. Independent NAV Calculation

Fund administrator receives data feeds from bank and broker and independently calculates participant value.

Role explanation & statutory mandate

Mutual Fund (FGR - Fonds voor Gemene Rekening)

Stichting Bewaarder

Statutory entity: Stichting Bewaarder Zenth Funds

Legal owner of fund assets. All capital flows run contractually through this entity.

✓Formal duties and authorities
  • ›Holds legal ownership of all fund assets on behalf of participants.
  • ›Maintains bank and securities accounts in its own name with bank and prime broker.
  • ›Ensures formal asset segregation from fund management pursuant to fund terms.
✕Expressly excluded (risk control measure)
  • ›Makes no investment decisions and executes no active trading strategies.
  • ›Is not liable for market risks or price fluctuations of fund investments.
Legal boundary: The division of responsibilities above describes the formal segregation of duties pursuant to the fund terms of Mutual Fund (FGR - Fonds voor Gemene Rekening). No subjective warranties are provided; asset segregation and oversight derive from the contractual and statutory structure.

Entities Involved

Formal Functional Segregation

Each party within the framework carries legally defined duties without conflicting interests.

Depositary

Legal ownership & custody

Stichting Bewaarder Zenth Funds

Role: Legal ownership and segregated custody of fund assets.

Holds legal ownership of assets on behalf of participants.

Statutory segregation

Stichting Bewaarder executes no commercial or trading activities of its own. Fund assets remain outside the estate of the manager.

Manager

Fund management & strategy

Zenth Capital B.V.

Role: Management, trading strategy and investment decisions.

Responsible for executing the investment policy and statistical strategy.

Restricted authority

The manager strictly routes trading orders within agreed fund parameters and holds no authority to transfer capital to external private accounts.

Administration

Independent valuation

AssetCare Fund Services B.V.

Role: Calculation of Net Asset Value (NAV) and participant administration.

Independently calculates monthly participant value and processes transactions.

Objective reconciliation

The administrator receives direct data feeds from broker and bank. NAV calculations take place completely independently of the fund manager.

Execution & Custody

Operational Partners

Prime Broker & Bank

Interactive Brokers Ireland Limited

Order execution, securities custody and derivative clearing with direct access to regulated global exchanges.

Rabobank

Operating the operational fund bank account held by the Depositary Foundation for participant subscriptions and redemptions.

Accounts in name of Depositary

Both bank and brokerage accounts are held in the name of Stichting Bewaarder for the collective benefit of participants.

Legal structure

Mutual Fund (FGR)

Zenth Capital Fund is established as a Mutual Fund (FGR - Fonds voor Gemene Rekening). In the Netherlands, an FGR is a proven contractual legal form for collective asset management.Mutual Fund (FGR - Fonds voor Gemene Rekening).

The fund does not hold legal personality itself; it is a tripartite contractual agreement of management and custody between:

  1. 1The Manager (Zenth Capital B.V.) (Zenth Capital B.V.)
  2. 2The Depositary (Stichting Bewaarder Zenth Funds) (Stichting Bewaarder Zenth Funds)
  3. 3The joint Participants

This structure ensures participants are economically entitled to fund assets, while legal ownership is held by the depositary foundation.

Regulation & supervision

AIFMD-light Exemption Regime

The fund manager operates under the AIFMD-light exemption regime (article 2:66a Wft). This regime is specifically designed for smaller, professionally managed funds with a limited number of qualified participants.AIFMD light-exemption regime (art. 2:66a Wft).

This regime applies to managers of collective investment schemes with assets under management below statutory thresholds (€ 100M leveraged or € 500M unleveraged) and with a statutory minimum entry threshold of EUR 100,000 per participant.

Statutory notice: Zenth Capital Fund operates under the AIFMD-light exemption regime. This means that certain regulations applicable to larger investment funds do not apply, but the fund remains subject to AFM supervision.

Attention! You are investing outside AFM supervision. No license and prospectus requirement for this activity.

Would you like to know more about our governance framework?

Download the formal fund terms or schedule an introductory discussion with our compliance team.

Schedule introductionView documentation