INDOS Financial expands services with Specialised Depositary licence in Ireland
INDOS Financial (Ireland) Depositary Limited, a JTC Group company, has received regulatory approval from the Central Bank of Ireland to provide depositary services to private equity, real estate and other alternative investment funds under Regulation 22(3)(b) of Ireland’s AIFM Regulations.
The approval builds upon INDOS’ alternative investment fund depositary offering in the UK providing full depositary and depositary-lite services to 75 managers, 150 funds and USD38 billion of hedge, private equity, real estate and infrastructure funds.
Bill Prew, CEO of the INDOS Financial Group, says: “We are delighted to have obtained a specialised depositary licence in Ireland. We established operations in Co. Wexford, Ireland in 2014 and therefore, extending our services to act for Irish alternative investment funds was a natural next step.
“We are starting to see a number of managers establish private equity, real estate and other alternative asset funds in Ireland following the introduction of the Investment Limited Partnerships Act in 2020. We are excited to bring the INDOS depositary model, where we provide a depositary solution that adds value and enhances fund governance, to this growth area of the Irish funds market.”
The Irish office of Simmons & Simmons advised INDOS Financial on the licensing and approval process with the Central Bank of Ireland.