Although there is much uncertainty following the UK’s decision to exit the EU, we believe that Ipes Depositary is well placed to meet client needs both now and going forward. This note is to tell you about our current capacity and plans for the future.
First, I am delighted to welcome Alyson Yule to the team as Depositary Director. She has joined us from Wells Fargo Global Fund Services where she headed up their Depositary. Alyson, a Chartered Accountant, has over 25 years of experience in the onshore and offshore finance industry and has detailed knowledge of both private equity funds and pure hedge fund structures.
It is an interesting time for Alyson to be joining us to lead our ever expanding Depositary business. It is unclear how the regulation of Private Equity in the UK will develop outside the EU or how much it will change.
The referendum was the first step. We will be part of the EU for some time (likely to be at least two years). The FCA confirmed in its statement on Friday that firms are expected to continue under the rules that currently exist. For the foreseeable future, our ability to act remains unchanged. This includes our ability to provide Depositary services to non EU AIFs where required.
It is entirely possible that the UK will retain its access to EU financial markets and that our Depositary operations will continue as they are now. But this is by no means certain. Our overall approach is to make sure that we have alternatives for our clients.
We already have a licensed and operating Depositary in the Channel Islands. In addition, we operate in Luxembourg and Ireland and will soon be starting the process to obtain depositary licences in each of these locations.
Our offices will be working together to ensure that we can continue to provide Depositary services to all of our clients, seamlessly, whatever the twists and turns of the UK's exit from the EU.
Should you have any questions please get don't hesitate to contact me.