Asset Servicing

Luxembourg-based fund administrator Alter Domus said on Thursday that it has acquired the Solvas suite of business IT solutions from Deloitte Touche LLP, a subsidiary of Deloitte LLP, for an undisclosed amount.

European Depositary Bank, a Luxembourg-headquartered provider of banking, depositary and custody solutions that is part of the Apex Group, on Wednesday said it has appointed executive board member Holger Barth in a new role as global head of banking depositary. 

The appointment further bolsters EDB’s governance, which had been problematic for a number of years.

The implementation of the AIFMD, the European directive for alternative investment funds managers, in 2011 can be seen as the starting point for the transition to a greater degree of specialisation. The requirements in this directive have increased the cost of obtaining an AIFM licence to a point such that a licence often no longer is viable for smaller fund boutiques. As a result, the use of ManCos has become even more popular for tangible assets such as real estate.

Dublin-headquartered asset services specialist Waystone on Thursday announced that it has agreed, following years of discussions, to acquire the UK and Irish business of Link Fund Services for an undisclosed amount from its Australian parent. Link’s Luxembourg-based fund services are being put up for sale, as is its operation in Switzerland.

“Link Group is proposing to pursue a separate sale of the Luxembourg and Swiss entities which form part of the FS Business,” a company spokesperson said.

Etienne Rougier has been appointed as Chief Operating Officer at Universal Investment Group. He joins from Alliance Bernstein. As of this week he is responsible for driving and transforming the business to support its overall growth strategy. 

Bermuda-headquartered financial services firm Apex Group, one of the largest management companies in Luxembourg, has agreed to acquire MJ Hudson PLC, a troubled London-listed provider of management company services in Ireland and Luxembourg, for about 40 million pounds (45.2 million euro), less than half its value at the time of its 2019 IPO.

Fund and corporate services firm Alter Domus is making possible “vastly reduced” commuting times for its large staff through the opening of two new satellite offices located near Luxembourg’s borders with France and Germany, as part of its “ongoing commitment to flexible working arrangements.”

The two new offices are located in the border towns of Steinfort and Frisange, and are “intended for Alter Domus employees travelling in from Belgium and France, respectively,” according to an undated press release sent to Investment Officer on Thursday.

This Luxembourg edition of IO Talks hears about the ambitions of Waystone Management Company’s newly appointed Luxembourg CEO Denis Harty. 

Financial supervisor CSSF on Thursday said it has imposed a fine of 178,600 euro on European Depository Bank SA, a unit of Apex Group.

A 2021 on-site inspection by the CSSF looked into the firm’s IT risks and found “infringements” relating to internal governance and IT organisation, IT outsourcing and IT risk management, the supervisor said. 

Luxembourg-based European Depositary Bank, provider of banking, depositary and custody solutions, has named two women to senior leadership: Cecilia Gejke is now managing director and member of the executive management board and Gilda B. Neiman (photo) is now a member of the board of directors.