This makes Indos “the only purely independent depositary in the whole of the UK market,” to Prew’s knowledge.
And given the FCA’s direction of travel and push for greater transparency around fees, he thinks his is a good position to be in.
He also expects to get a pipeline of business, in light of the fact that UK managers can no longer appoint non-UK depositaries to their funds come July.
“We have already won our first full depositary mandate in the UK and expect several more to follow over the coming months.
“The timing of the authorisation also positions us to capitalise from depositary provider changes we expect to occur due to the AIFMD depositary derogation, whereby UK funds using non-UK depositaries will need to appoint a UK depositary, coming to an end in July 2017.”
