Indos, a UK-based independent depositary, has received approval from the Financial Conduct Authority to extend its Alternative Investment Fund Managers Directive depositary permissions.
It will allow the firm to become a full depositary and act for a wider range of alternative asset firms, including investment trusts which have typically been served by banks.
“The timing of the authorization also positions us to capitalize from depositary provider changes we expect to occur due to the AIFMD depositary derogation, whereby UK funds using non-UK depositaries will need to appoint a UK depositary, coming to an end in July 2017,” said Bill Prew, chief executive of INDOS Financial.
The AIFMD requires funds to appoint an independent depository to their funds. The level of service required depends on the domicile of the fund manager and the fund.
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