Alan Davies, former Director of SS&C Depositary Services Limited, has joined INDOS Financial, the independent fund depositary and oversight business as Managing Director.
Mr Davies will be drawing on his extensive experience at SS&C, where he led the depositary service offering, and formerly at HSBC, where until 2014 he served as Head of Client Services – Trustee & Depositary Services, to develop and roll-out INDOS’ full depositary services for the UK funds sector.
Mr Davies will also be responsible for the continued international growth of the business, including in Ireland and Luxembourg, as well as other jurisdictions which are beginning to adopt the European depositary oversight model to strengthen their fund regimes.
“One of the unique strengths and attractions of the INDOS Financial model is that, at its core, is the independence from other service providers and in particular the bundling of depositary with fund administration,” said Mr Davies. “This independent focus has been one of the key drivers of INDOS’ growth over the past five years. I am really excited about supporting the continued development of the business.”
“I welcome Alan to INDOS Financial and look forward to working with him on the expansion of INDOS’ depositary and related services,” said Bill Prew, CEO, INDOS Financial.
“I have always believed that the bundled administrator/depositary structure embodies inherent conflicts of interest and it’s clear that many of our clients, including hedge funds, private equity and real estate funds, and others, share this view and the way it strengthens their governance and oversight model” Bill Prew continued.
“There are significant opportunities to expand our existing UK full depositary business, most notably by growing our market share in the UK investment trust sector, and also to roll out our independent model to other markets. INDOS is well placed to provide depositary services to all UK “unauthorised” funds as well as future developments such as the Overseas Fund Regime currently out for consultation by HM Treasury”.
Founded 2012, INDOS has grown organically, developing solutions recognised as industry-leading within the fund oversight and depositary service space. As of April 2020, client assets under depositary oversight had grown past $35 billion and a further $10bn which form part of the INDOS MLRO (Money Laundering Reporting Officer) service clients.