Citis GTS business has been appointed by Elan Corporation, a leading biotechnology company headquartered in Ireland, as the successor depositary bank for its ADR program. Elan’s ADRs trade on the New York Stock Exchange under the symbol ‘ELN’, with each ADR representing 1 ordinary share. Elan’s ordinary shares are listed on the Irish Stock Exchange.
Dirk Jones, global head of Securities and Fund Services Client Sales Management at Citi, said: “We are pleased that Elan has chosen Citi as successor depositary bank for their ADR program. By leveraging our global distribution network and liquidity management services, we’re confident we can deliver the resources required to ensure the success of Elan’s program.”
– SEI has been mandated by Asset Value Investors (AVI) to provide full fund administration and trustee and custodial services for the investment manager’s new Irish Qualified Investment Funds (QIFs). AVI, a London-based global manager, launched the QIFs to offer its investors a regulated product while still being able to maintain the flexibility of its investment strategies.
Philip Masterson, senior vice president and head of Business Development, Europe, within SEI’s Investment Manager Services division, commented: “In this ‘Era of the Investor,’ investors are demanding greater transparency and better reporting, and we have designed our solutions to meet those needs. We’re pleased to be able to support AVI’s future growth and provide a strong foundation on which to diversify the firm’s portfolios.”
Kimmberly Lau, business development director of Asset Value Investors, added: “SEI’s global presence, technology, and scalability were critical for us as we sought an independent administrator. We wanted a strategic partner with the expertise, technology, and foresight to help us create a better experience for our investors while also helping us gain efficiencies. We’re pleased that SEI will be filling that role.”
(JDC)