The London branch of the European Depositary Bank (EBD), a subsidiary of Apex, has received approval from the Financial Conduct Authority (FCA) to provide full depositary activities in the UK.
The authorisation of EDB’s London branch is in addition to the group’s existing depositary and custody services delivered in Luxembourg, the Channel Islands and follows approvals from the regulators of Malta and Ireland, which the firm secured last year.
Meanwhile, the services provided by EDB under this additional license will complement Apex’s existing depositary services in the UK.
The approval will enable Apex to continue expanding 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.
David Rhydderch, global head of financial solutions, commented: “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.”
