Private equity administrator Ipes has secured two valuable regulatory licenses in Ireland and Luxembourg ahead of its planned merger with Apex Fund Services.
Ipes has been authorised to provide fund administration services in Ireland, while also obtaining a full depositary license in Luxembourg.
The new depositary offering in Luxembourg will complement its established depositary services in London, while the authorisation in Ireland will allow it to provide full administration services to collective investment scheme and alternative investment managers.
Ipes has 35 staff based in Cork and expects the business to grow significantly in the next 12 months.
“Cork is our fastest growing office. We have already developed a centre of excellence for accounting in Cork. This authorisation enables us to widen our service offering in Ireland and enhance our EU based funds capability,” said Chris Merry, chief executive officer, Ipes.
According to Merry, the depositary license in Luxembourg will allow it to provide a European solution following the UK’s exit from the European Union.
Ipes has 20 staff based in Luxembourg, and also expects to expand the team over the next year.
The regulatory approvals come ahead of Apex Fund Services planned acquisition of Ipes, which will add $165 billion in assets under administration to Apex’s portfolio.
The deal, which is expected to close at the end of the third quarter, will make Apex the fifth largest administrator globally.
In March, Apex said it will create 50 new jobs in Cork and plans to expand headcount in Dublin and Sligo going forward.