European Depositary Bank (EDB), a subsidiary of Apex Group, has secured full depositary authorisation in Ireland.

The authorisation by the Central Bank of Ireland will further bolster Apex’s existing depositary and custody services.

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Apex, through EDB, provides independent banking, depositary and custody services to asset managers and institutional investors for UCITS and alternative investment structures.

Currently, the group has around $200bn in assets under depositary. The latest authorisation will enable the company to serve Irish domiciled funds across UCITS and AIFMD compliant vehicles. These services will be provided through EDB’s office in Dublin.

Apex Group global head of Financial Solutions David Rhydderch said: “The ability to deliver our banking, depository and custody capabilities locally in Ireland will enable us to offer clients our truly unique end-to-end solution across the whole financial service eco-system, and to cement our market leading position in private equity and real estate depositary.

“The Apex Group’s firmly established reputation in Ireland means we are fortunate to have strong relationships locally, which will help support the rapid development of the business.

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“We look forward to expanding our presence in Ireland and to contributing to the further development of its financial services industry.”

Apex has been operating in Ireland since 2007 offering depositary, custody, loan administration middle office services among others.

The company has three offices in Ireland and has 360 local staff.