More success for County Wexford's INDOS Financial
INDOS Financial, the independent AIFMD depositary with offices in County Wexford and London, has been named Best Depositary for the second consecutive year at the 2017 Hedge Fund Managers (HFM) European Services Awards.
INDOS won the award in recognition of its continued innovation as an independent depositary, exceptional client focussed service delivery and impressive client growth over the past 12 months.
INDOS Financial was started by Bill Prew in 2014, and its sole office in Ireland is located in Templeshannon, Enniscorthy.
Since beginning operations in 2014 it has experienced rapid expansion from an initial three employees to a current workforce of 12; further expansion is underway, with INDOS recently announcing plans to extend the team in Enniscorthy to 15 before the end of 2017.
The company currently has in excess of $14 billion dollars under depositary, with services provided to 70 hedge funds across 56 different managers.
Mr Prew said: 'We are thrilled that INDOS has once again been recognised as the leading depositary servicing the hedge fund industry. As the only specialist independent depositary in the market, the award recognises the inherent benefits of an independent solution that delivers value to investors, fund boards and managers.
'We would like to thank all our clients that supported our application and our entire team for their incredibly hard work over the past year - indeed this award is a testament to the standard of our team, which is drawn from the strong financial services workforce in Ireland's south east region. We hope to use this talent pool to add further high calibre staff over the coming months.'
The firm has also recently received approval from the Financial Conduct Authority in London to extend its Alternative Investment Fund Managers Directive (AIFMD) depositary permissions to provide full depositary services to investment managers.
This move represents the first time a non-bank entity in the UK has been given these permissions, and positions the company to continue its impressive growth over the coming years.