JTC, the multi-jurisdictional, independent provider of institutional and private client services, has formed a partnership with INDOS Financial in order to provide an independent depositary solution for its alternative fund clients.
The partnership means that JTC’s range of private equity, real estate, hedge, infrastructure and other alternative fund clients will now have access to a specialist depositary, which can help managers meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and deliver an additional level of oversight that is independent from the fund administration service.
UK-based INDOS Financial specialises in providing independent AIFMD depositary services to alternative investment funds and was the first FCA-authorised AIFMD Depositary in January 2014. It currently provides depositary services to over 50 funds that have over $9bn in assets. Its clients include EU and non-EU managers managing a broad range of open and closed ended alternative investment fund strategies.
Bill Prew, CEO of INDOS Financial, said: “We are delighted to be working with JTC to provide an independent depositary solution to their clients. Managers and investors are increasingly recognising the value of an independent depositary model. By working closely with JTC we have been able to implement an efficient model that minimizes the operational impact on the client but at the same time delivers the benefits of independence from the fund administrator.”
Stuart Pinnington Group Head of Institutional Client Services, at JTC, added. “Whilst immediately following the introduction of the AIFMD, managers might have appointed a depositary affiliated to a fund administrator, they are now armed with significantly more practical experience and are actively revisiting their depositary arrangements. In particular, there is undoubtedly a preference amongst investors for genuine independence between the depositary and the administrator. In response to this demand, we are delighted to have formed this partnership with INDOS, who are a leading player in the depositary space and will provide significant value for our alternative fund clients.”