EDB Receives Full Depositary Approval from FCA
London, September, 16, 2020 – Apex Group Ltd. (“Apex” or “The Group”), a global financial services provider, today announced that the European Depositary Bank, London branch (“EDB”), an Apex subsidiary, has received approval from the Financial Conduct Authority (“FCA”), to provide full depositary activities in the UK.
The authorisation of EDB’s London branch supplements the Group’s existing depositary and custody services delivered in Luxembourg, the Channel Islands and follows approvals from the regulators of Malta and Ireland, secured last year.
The Group currently has $226bn in assets under depositary and custody management, and the services provided by EDB under this additional license will complement Apex’s existing depositary services in the United Kingdom. It will enable Apex to continue expand the provision of cross-jurisdictional depositary and a market-leading custody solution to asset managers.
Through EDB, Apex offers independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures. EDB provides a service suite that covers the full spectrum of asset classes including private equity, real estate funds, hedge funds, listed funds, infrastructure funds and renewable energy funds.
David Rhydderch, Global Head of Financial Solutions, comments:
“We are proud to announce our third new depositary license secured by the EDB in the last year. The ability to deliver our banking, depositary and custody capabilities locally in the UK will enable us to offer clients our single-source solution. We have identified custody and depositary services as a key area for growth for the business as we continue to see strong demand for our services as market participants recognise the value of working with an independent organisation with the flexibility to scale as required by the complexity of funds and regulatory requirements.”
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 3,500 employees, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
About European Depositary Bank
European Depositary Bank (“EDB”) was founded in 1973 in Luxembourg. It was originally established as a subsidiary of Hamburg based private bank M.M.Warburg & CO (AG & CO) KGaA and was acquired by Apex Group Ltd (“Apex”) in 2019. EDB is supported by Apex’s strong global network of over 40 offices worldwide in addition to its extensive European presence with circa 2,000 employee across the region, and is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds.
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