July 2nd 2018. Enniscorthy.
Members of the INDOS Financial Ireland team meet Minister Michael D’Arcy TD (centre) at their new office in Enniscorthy, Co. Wexford.
INDOS Financial (Ireland) Limited, which commenced operations in Enniscorthy, Co. Wexford in December 2013, is expanding its operations centre in the town with a move to new premises and the creation of up to 15 new roles over the next two years. Headquartered in London since launch in 2012, INDOS has firmly established itself as the leading independent alternative investment fund depositary servicing over 115 funds across 70 clients.
The Irish office, jointly led by Padhraic McLaughlin, formerly of Citi Hedge Fund Services, and Micheal Reddy, formerly of IFS and BNY Mellon, is the core operational hub for the business, with the team performing fund oversight duties on behalf of its UK parent. INDOS currently employs 30 staff, of which 16 are based in Enniscorthy.
The planned expansion is due to strong demand for the company’s services. INDOS selected Ireland to expand its operations due to its leading position in the alternative fund servicing industry, the availability of a skilled and experienced workforce and its positive commercial environment.
Speaking during a visit to the company’s new offices at the Kelly Building, Slaney Place, Enniscorthy, INDOS founder Bill Prew said: “We are delighted to be expanding into new, larger premises in Enniscorthy. Since 2013 we have built a strong team who enjoy an excellent work / life balance, whilst developing professionally through exposure to the variety of funds we service. We are committed to Enniscorthy as our base in Ireland and look forward to our continued growth here.”
Michael D’Arcy TD, Minister of State at the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance, welcomed news of the expansion, saying: “I’m delighted to hear news of INDOS Financial’s plans to expand their operations centre here in Enniscorthy, creating some 15 new jobs. It demonstrates the company’s commitment to Enniscorthy and Co. Wexford and is testament to the availability here of well-educated and experienced staff for the financial services sector. I congratulate Bill and his team and wish them continued success in their operations here in County Wexford.”
IDA Ireland’s Head of Financial Services Denis Curran said: “It’s great news that INDOS Financial has grown and developed to the point where it is expanding its operations in Enniscorthy . It’s a real vote of confidence in the Co. Wexford location and shows that financial services firms can successfully operate outside larger urban centres.”
About the company
INDOS Financial was founded in 2012 and is headquartered in London. INDOS specialises in providing independent depositary services to alternative investment funds under the Alternative Investment Fund Managers Directive (AIFMD). INDOS was the first FCA authorised AIFMD Depositary in January 2014. Clients include European and non-EU managers managing a broad range of open and closed ended alternative investment fund strategies ranging from hedge funds, to private equity, real estate and other closed ended funds. Since taking on its first client in 2014, INDOS has grown to service over 115 investment funds, across 70 clients with $25 billion of underlying net assets. INDOS utilises its own proprietary DEPOcheckTM system, an integrated workflow management and automated monitoring solution to deliver efficient solutions to its clients. INDOS was recognised as Best Depositary Solution for two consecutive years in the 2016 and 2017 HFM Service Awards.
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