Apex Group receives approval to launch depositary activities in the UK

Depositary license extends Apex’s offering which also includes Luxembourg, the Channel Islands, Malta and Ireland. 

By Jonathan Watkins

Apex Group has received approval from the Financial Conduct Authority (FCA) to provide full depositary activities in the UK, expanding its range of back-office services for local buy-side firms . 

The London branch of the European Depositary Bank (EDB), a subsidiary of Apex, will offer independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures. 

The authorisation of EDB’s London branch adds to Apex’s existing depositary and custody services delivered in Luxembourg and the Channel Islands, and follows approvals from the regulators of Malta and Ireland, secured last year.   

The Group currently holds $226 billion in assets under depositary and custody management. 

The license will enable Apex to continue expanding the provision of cross-jurisdictional depositary and a market-leading custody solution to asset managers. 

The ability to deliver our banking, depositary and custody capabilities locally in the UK will enable us to offer clients our single-source solution,” said David Rhydderchglobal head of financial solutions at Apex Group.

We have identified custody and depositary services as a key area for growth for the business as we continue to see strong demand for our services as market participants recognise the value of working with an independent organisation with the flexibility to scale as required by the complexity of funds and regulatory requirements.” 

Through a mixture of M&A and organic growth, Apex has been expanding its services across custody, depositary and management company (ManCo) services in a bid to become a one-stop securities services shop across multiple regions.