Indos Financial sees 160 percent growth spurt 06 October 2016London Reporter: Stephanie Palmer
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UK independent Alternative Investment Fund Managers Directive depository Indos Financial has recorded 160 percent growth in assets under depository in the last 12 months.
Assets under depository jumped from $8 billion at the end of September 2015 to $13 billion at the end of September 2016.
The depository also reported that it now has 45 clients, representing 70 percent growth compared to September last year.
According to Bill Prew, CEO of Indos Financial, the growth can be partly attributed to investment managers recognising the value of an independent depository.
He said: “Many managers initially viewed the appointment of a depositary as a box-ticking compliance exercise which would lack value. In fact depositaries are there to help safeguard investor capital, and perform an important oversight function over compliance with fund rules.”
He added: “A number of managers initially hired depositaries based on pricing or whether their fund administrator offered it as a bundled service. This is changing. Managers realise that hiring a depositary based purely on commercials and convenience rather than service quality and transparency is a false economy.”
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