Heritage’s FCA depositary licence expanded to service non-EEA funds
Heritage Depositary Company (UK) Limited has been granted an extension to its depositary licence by the FCA, enabling it to act as depositary for non-EEA Alternative Investment Funds.
This builds on the FCA approvals Heritage gained in July 2014 which allowed it to provide depositary services for UK based Alternative Investment Funds under the new AIFMD rules implemented last year. Heritage was also granted a depositary licence by the Malta Financial Services Authority (MFSA) in November 2014.
The extended scope of the depositary licence is in response to increased opportunities from existing and prospective clients. The development allows for the depositary service to continue its growth trajectory. This specialist service is particularly targeted at fund managers and general partners operating in private equity, real estate, infrastructure and esoteric alternative funds which invest in both developed and emerging markets. The core services comprise cash monitoring, asset verification, safekeeping and oversight.
Mark Huntley, Head of Heritage Fund Services, commented: “We have already had considerable success since becoming a licensed depositary. Increasing the scope of our licence in the UK is a logical next step to service a wider range of clients in areas where we already have expertise. We are also delighted with the appointment of Société Générale’s Dublin branch as our custodian for financial assets. Heritage has already established a strong reputation as a leading service provider to alternative funds and partnering with a globally renowned organisation such as Société Générale to deliver our depositary service will only serve to reinforce our position in the market.”