RBS International Depositary Services has made several key appointments and promotions to its local team in Luxembourg to cater for rising demands in depositary services over the past year.
Despite the pressure put on the market by the pandemic, the bank stated it has entered a phase of considerable growth in its depositary operations in the alternative funds industry.
Since February 2020, the team has grown by over 70% to cater to its expanding client base within RBS International Depositary Services. The bank has also seen its assets under management grow by 13% and year-on-year new business reach 150% so far this year.
The new roles, spanning junior to leadership level, focus on the core areas of the business in the bank’s Luxembourg operations, including fund governance, due diligence, business development and business risk.
“We are seeing strong demand from customers and subsequently have adopted agile working practices as well as investing heavily in technology and the local team to ensure we can continue to deliver the high level of service our customers have come to expect,” said Spencer Carne, head of depositary services at RBS International in Luxembourg.
“As an independent depositary we strive to deliver best-in-class governance for our customers and this can only be achieved through having talented, experienced people within the business.”
The moves comes as the RBS’ depositary business moves forward under the guidance of securities services veteran Mark Crathern, who joined at the end of 2019.
Last year, long-serving team member Carne was appointed head of depositary services at RBS International in Luxembourg.