U.K. FCA Authorizes Fund Administrators to Act as AIFMD Depositaries

The Financial Conduct Authority of the U.K. has authorized independent fund administrators Ipes and SS&C GlobeOp to act as depositaries under the Alternative Investment Fund Managers Directive (AIFMD).
By Janet Du Chenne(59204)
The Financial Conduct Authority of the U.K. has authorized independent fund administrators Ipes and SS&C GlobeOp to act as depositaries under the Alternative Investment Fund Managers Directive (AIFMD).

SS&C GlobeOp obtained FCA approval for its Depositary “Lite” service offering, which is provided through its regulated entity called GlobeOp Markets. The recently launched service helps managers of non-EEA AIFs in fulfilling their AIFMD requirements.

SS&C will help managers comply with various aspects of the AIFMD including functions relating to asset verification, cash flow monitoring and oversight services.

“We have been operating as a Depositary “Lite” under the transitional provision for a number of months and we are delighted to now receive our full authorization,” said Des Pierce, senior director, SS&C GlobeOp.

“We’ve seen strong interest in our Depositary “Lite” service and signed up several fund managers to date,” said Bill Stone, chairman and CEO, SS&C Technologies. “We look forward to adding value to current and future customers with this offering and developing future enhancements as regulations continue to evolve.”

Ipes Depositary currently acts for 118 AIFs, representing over $49 billion in commitments, for 25 private equity clients (AIFMs).

Ben Cook, managing director of Ipes U.K. says: “We are delighted to receive our AIF Depositary licence. Clients tell us that our pragmatic, technology based approach is the reason they selected us. With our licence in place, we look forward to building long lasting Depositary relationships with existing clients and welcoming new clients to our service.”

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