Alternative Investment Fund Managers Directive (AIFMD) Since 2014, Bouwinvest has had an AFM licence as required by the Alternative Investment Fund Managers Directive (AIFMD). This licence allows Bouwinvest to manage funds that are open to institutional investors other than bpfBOUW. The AIFMD specifies certain transparency and integrity-related requirements for Alternative Investment Funds. In 2018, Bouwinvest continued to optimise its reporting processes and streamlined its cooperation with its depositary Intertrust Depositary Services B.V. Share this article