JTC Group company, INDOS Financial, expands services with specialised Depositary licence in Ireland.
JTC, the global professional services firm, announced today that INDOS Financial (Ireland) Depositary Limited, part of the recently acquired INDOS Financial business, 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 Regulation.
Representing a strategically important acquisition for JTC that completed in June 2021, INDOS Financial was instantly able to deliver complementary capabilities and technical expertise to JTC’s increasingly sophisticated fund services offering with the provision of fund oversight services, including depositary for UK and non-EU domiciled funds and anti-money laundering (AML) officer services.
The approval by the Central Bank of Ireland now further builds upon INDOS’ leading alternative investment fund depositary offering in the UK providing full depositary and depositary-lite services to 75 managers, 150 funds and $38bn of hedge, private equity, real estate and infrastructure funds. The approval also complements the Group’s existing depositary business in Luxembourg.
Jon Jennings, Group Head of Institutional Client Services for JTC said:
“We are delighted that INDOS has received the approval by the Central Bank of Ireland. Together with our recent acquisition of Irish AIFM business Ballybunion Capital, our strategy for the Irish funds market is significantly strengthened. In the short time that INDOS has been part of JTC, Bill Prew and his team have added substantial value to the wider business and I look forward to seeing the continuation of this now that the approval has come through”.
Bill Prew, CEO of INDOS Financial commented:
“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 regulatory permissions to act for Irish alternative investment funds was a natural next step”.
Bill continued: “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.
