AIFMD Depositary INDOS extends FCA Article 36 Custodian Authorisations
UK AIFMD depository INDOS Financial Limited (INDOS) has extended its FCA authorisation to include the depositary duties of cash flow monitoring and verification of other assets.
The addition of these duties to the firm’s existing depositary oversight authorisation enables INDOS to provide a complete depositary-lite solution to alternative investment fund managers seeking to market their funds to European investors from July 2014.
Bill Prew, CEO of INDOS, says: “The extension of our permissions is another major milestone for INDOS. It comes at a time when pressure is building on managers to appoint depositary providers. The FCA recently reminded managers that they need to have depositaries in place by the end of the AIFMD transitional period – 22 July 2014. The FCA will be looking to managers to confirm they have arrangements in hand as part of their application for authorisation. As the only authorised Article 36 Custodian, we are now in an excellent position to support managers with our independent depositary-lite solution.
“Since our original authorisation back in January, we have been building our client base and have been engaged by a broad range of managers covering different strategies across a number of administrators. A number of other managers have waited for confirmation that we hold all the necessary permissions and we expect several more firms will now move forward with INDOS. The authorisation to perform the Article 21(8)(b) verification of other assets duty is particularly important since managers have found it a challenge to identify providers willing and able to undertake this duty”.
- By Category
- News from other sites
- Special Reports
- Partner events