Apex Group secures regulatory approval for Irish subsidiary

Apex Group (Apex) has received Full Depositary authorisation from the Central Bank of Ireland for its subsidiary the European Depositary Bank (EDB) to operate in Ireland.

Through EDB, Apex offers independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures. Apex is subsequently now one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds, offering a service suite that covers the full spectrum of asset classes including private equity, real estate funds, hedge funds, infrastructure funds and renewable energy funds. The firm’s partnership approach allows for the delivery of flexible, pragmatic solutions and an enhanced custody offering which enables clients to access the largest network coverage in the industry: through 104 markets.
 
The authorisation of the EDB Irish branch will complement Apex’s existing depositary and custody services delivered through Luxembourg, the Channel Islands and the UK.  The group has circa. USD200bn in assets under depositary and this additional license will enable Apex to service Irish domiciled funds across UCITS and AIFMD compliant vehicles via EDB in Dublin. This expansion into Ireland is facilitated by Apex’s longstanding presence in the country. Apex has operated in Ireland since 2007 and has three offices and over 360 employees locally, providing depositary, custody, middle office, corporate services fund administration, loan administration services to clients.
 
David Rhydderch, Global Head of Financial Solutions, Apex Group Ltd, says: “We are thrilled to be establishing an EDB branch in Ireland, which is already one of our largest service centres for the wider Apex Group. The ability to deliver our banking, depository and custody capabilities locally in Ireland will enable us to offer clients our truly unique end-to-end solution across the whole financial service eco-system, and to cement our market leading position in private equity and real estate depositary. The Apex Group’s firmly established reputation in Ireland means we are fortunate to have strong relationships locally, which will help support the rapid development of the business. We look forward to expanding our presence in Ireland and to contributing to the further development of its financial services industry.”