June 1, 2016. Enniscorthy, Co. Wexford.
INDOS Financial Limited (INDOS), an independent business that provides depositary services under the Alternative Investment Fund Managers Directive (AIFMD), has revealed plans to further expand its Irish office, based in Enniscorthy, Co. Wexford.
The company currently has ten full-time staff at its Enniscorthy offices.
Bill Prew, INDOS CEO, said: “The business has developed well over the past two years. We now service over 50 funds with in excess of $10bn of underlying assets and have a strong pipeline of new business. Enniscorthy as a location has served us well and we have been able to recruit high calibre staff. For these reasons we believe we will be in a position to expand our operations in Enniscorthy.”
INDOS, a privately owned business headquartered in London, was established in 2012 principally to enable alternative investment fund managers managing non-EU alternative investment funds to meet depositary requirements required by the AIFMD.
INDOS specialises in the provision of independent depositary services for alternative investment funds, many of which will already be administered by fund administrators based in Ireland. It remains the only independent depositary in the industry.
It has been a good year for the company which won an industry award recently; named Best Depositary Solution in the 2016 HFM European Hedge Fund Services Awards. It was the first time the prestigious annual awards included a ‘best depositary’ category. INDOS won the award in recognition of its innovation as an independent depositary, in a market otherwise dominated by depositaries affiliated to the fund administrator, for exceptional client service delivery and strong growth over the past 12 months.
“We were thrilled to win the award especially in light of strong competition from the other more established shortlisted finalists. The award recognised the inherent benefits of an independent solution that delivers value to investors, fund boards and managers. We are very grateful to our clients and other industry stakeholders who supported our application and to our entire team for their hard work over the past year” CEO Bill Prew said.
IDA Ireland’s Regional Business Development Manager for the South East, Anne-Marie Tierney-Le Roux, congratulated INDOS on the success of its Enniscorthy office, saying: “It is very gratifying to see a financial services company of this calibre continue to develop and grow in this location. IDA looks forward to continuing to work closely with the company as it expands its operations in Ireland.”
INDOS has forged links with the Waterford Institute of Technology, taking a work placement team member in 2015 and again this year.