Apex Group has received regulatory approval in Ireland to launch its European depositary banking (EBD) subsidiary, as the fund administrator continues to bolster its European presence.
Through the subsidiary, Apex will offer independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures.
Apex is subsequently now one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds, offering a service suite that covers the full spectrum of alternatives asset classes.
The authorisation of the EDB Irish branch will complement Apex’s existing depositary and custody services delivered through Luxembourg, the Channel Islands and the UK.
“We are thrilled to be establishing an EDB branch in Ireland, which is already one of our largest service centres for the wider Apex Group,” said David Rhydderch, global head of financial solutions, Apex Group.
“The ability to deliver our banking, depository and custody capabilities locally in Ireland will enable us to offer clients our truly unique end-to-end solution across the whole financial service eco-system, and to cement our market leading position in private equity and real estate depositary.”
Last month, real estate investment firm Prologis selected Apex Group to provide full depositary and transfer agency services to its flagship logistics fund. The Prologis European Logistics Fund (PELF), domiciled in Luxembourg is Europe’s largest opened-ended logistics funds valued at €10.6 billion across 12 countries.