ABS appoints EDB for depositary services 31 October 2023Europe Reporter: Klea Neza
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European Depositary Bank (EDB) has expanded its partnership with Arab Bank Switzerland (ABS).
As part of the new mandate, EDB has been selected to provide depositary services for 32 bank accounts for 14 special purpose vehicles (SPVs), belonging to AB Alternative Fund SICAV-SIF.
EDB’s services run alongside fund administration requirements.
EDB aims to provide effective and robust depositary services for fund assets and related activities. It has a presence in Luxembourg as well as branches in Ireland, the UK, Cayman Islands and Malta.
Jean-Daniel Zandona, regional head of business development at Apex Group, comments: “EDB delivers full depositary and depo-lite services under the UCITS and AIFM directives, acting as an expert support function, providing robust solutions alongside other banking requirements. This is testament to the benefits of Apex Group’s single-source model which removes the necessity for multiple providers.”
Daniel Delechat, head of asset management at ABS, says: “[The] single-source model enables us to access all the services we require through one convenient point of contact, delivering significant time and operational efficiencies for our business.”
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