depositary services

Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.

Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.

Swissquote Bank Europe has become the first Luxembourg bank to be able to offer depositary services to digital asset investment funds, having obtained CSSF regulatory approval to act as a depositary bank for Luxembourg-domiciled funds along with its status as Vasp, or regulated Virtual ASset Provider.

Following regulatory approval, Apex Group has completed its acquisition of Darwin Depositary Services, an Amsterdam-based provider of depositary services to alternative investment funds, the company announced this morning. Financial details were not disclosed.

Marking its first anniversary in Luxembourg, Warsaw-headquartered depositary services firm Q Securities on Wednesday said that it is aiming for 30 alternative funds as clients by this end of the year and 50 funds next year, up from the 20 it has onboarded in its first 12 months in the grand duchy.