INDOS Financial wins FCA approval to become full depositary

First non-bank entity to receive approval as full depositary.

By Joe Parsons

INDOS Financial, a UK independent depositary, has become the first non-bank to receive regulatory approval as a fully licensed depositary.

The authorisation from the Financial Conduct Authority (FCA) extends its AIFMD depositary permissions to cater for unauthorised funds, bringing it in line with nine other banks with similar status. These include BNY Mellon, Citi, JP Morgan, State Street and Societe Genearale, among others.

In just three years, INDOS has grown its business to comprise of 70 funds across 56 managers and $14 billion of assets under depositary.

“Our growth to date highlights demand across the industry for depositary services that are independent from other service providers to the fund,” said Bill Prew, CEO, INDOS Financial.

“We have responded to a clear gap in the UK alternative funds market for an independent depositary that has a full suite of regulatory permissions and the flexibility to act for a diverse range of funds.”

Prew added it has already won its first full depositary mandate in the UK, and is expecting more to follow over the coming months.