UK fund manager picks IPES
Tuesday 5th November 2013, 10:25AM GMT.
ONE of the first UK fund managers to seek ‘passport’ approval from the UK Financial Conduct Authority under the Alternative Investment Fund Managers Directive has chosen local firm Ipes to act as its depositary.
Hermes GPE applied for the passport to market its funds in Europe. One of the key criteria is to appoint an independent depositary.
‘We felt Ipes was a good fit for us and our investment style. We wanted a depositary that understood private equity and Ipes provided that specialist approach. They also tailored their offering to our requirements so we complied with the AIFMD, but they only provided us with the services we actually needed,’ said Karen Sands from Hermes GPE.
UK firms can postpone the appointment of a depositary until 2014, but some fund managers, particularly those in the process of fundraising in Europe, have been seeking compliance early.
‘We have seen a significant increase in interest in fund managers looking to achieve FCA approval and we want to work with each manager to tailor our service to their needs,’ said Justin Partington, commercial director at Ipes.