Specialist private equity fund administrator Ipes has secured two regulatory licenses in Ireland and Luxembourg ahead of its planned merger with Apex Fund Services.
Ipes has been authorised to provide fund administration services in Ireland, while also obtaining a full depositary license in Luxembourg.
The new depositary offering in Luxembourg will complement its established depositary services in London, while the authorisation in Ireland will allow it to provide full administration services to collective investment scheme and alternative investment managers.
Ipes – which is headquartered in Guernsey – has 35 staff based in Cork and expects the business to grow significantly in the next 12 months.
“Cork is our fastest growing office. We have already developed a centre of excellence for accounting in Cork. This authorisation enables us to widen our service offering in Ireland and enhance our EU based funds capability,” said Chris Merry, chief executive of Ipes, in a statement.
According to Merry, the depositary license in Luxembourg will allow it to provide a European solution following the UK’s exit from the European Union.
“The extension of our depositary offering to Luxembourg was a natural progression for us, enabling us to provide our clients with the widest possible scope of services.
‘We have strong interest in our depositary services in Luxembourg and we are delighted we can now move forward. With Brexit approaching, Luxembourg now offers our clients a European solution.”
Ipes has 20 staff based in Luxembourg, and also expects to expand the team over the next year.
The regulatory approvals come ahead of Apex Fund Services planned acquisition of Ipes, which will add $165bn in assets under administration to Apex’s portfolio.