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Guernsey-headquartered Heritage Group continues the expansion of its UK operations having been granted FCA approval for its depositary service.
Senior members of the Heritage team in Guernsey and the UK have been working to establish the new business and FCA approval allows the company to become a provider of depositary services to Alternative Investment Fund Managers (AIFMs) under the new Alternative Investment Fund Managers Directive (AIFMD).
Heritage Depositary Company (UK) Limited offers specialist services including asset verification, safekeeping, cash monitoring as well as oversight and compliance to AIFMs.
Mark Huntley, Head of Heritage Fund Services, said: “Heritage has been providing similar services outside the requirements of the directive for a long time now and has already established a strong reputation as a leading provider to alternative funds.
“We are able to meet the varying demands of a wide range of investment strategies, structures of varying complexity and business segments. Gaining regulatory approval of our depositary services is another important step for the business and will allow us to continue our growth and development strategy across Europe.
“The deadline for AIFMD compliance is 22 July – barely 10 days away. It is important that fund managers address their depositary requirements urgently if they are planning to market their funds that are within the scope of AIFMD.
“At Heritage, we have been working proactively with clients over the last year to ensure they are ready for the deadline. Confirmation of our FCA authorisation enables us to develop and build new partnerships, grow our existing relationships and assist more businesses going forward as we support investment firms with their AIFMD needs.”
