The regulatory approvals come ahead of Apex Fund Services planned acquisition of Ipes, expected to close at the end of the third quarter.
Regulators are hoping to harmonise the safekeeping requirements for UCITS and AIFMD funds, however this could mean stricter record-keeping requirements.
Since Saudi Arabia opened its doors for foreign investors in 2015, HSBC has emerged as the largest custodian in the country.
Dinn will be responsible for expanding Apex Group’s presence in the custody and depositary market on a global scale.
The depositary will be able to link its UK private and wealth clients to global custodians based in Malta.
The research found that many hedge fund managers have not revisited their agreements since the implementation of AIFMD in 2014.
The London CIV is looking for a global custodian and depositary that can assist them investing in alternatives.
Sources say firm will shut depo-lite business, which operates separately from its administration arms.