Minister Richard Bruton TD today announced that INDOS Financial Limited (INDOS), an independent business that provides depositary services under the Alternative Investment Fund Managers Directive (AIFMD), plans to expand its Irish office, based in Enniscorthy, Co. Wexford, with the creation of up to 10 jobs.
INDOS, a privately owned business headquartered in London, was established in 2012 principally to enable alternative investment fund managers managing non-EU alternative investment funds to meet new depositary requirements required by the AIFMD. The AIFMD comes into full effect for the majority of managers in July this year.
INDOS specialises in the provision of independent depositary services for alternative investment funds, many of which will already be administered by fund administrators based in Ireland.
Making the announcement Minister Bruton said: “This is a great boost for Co. Wexford. International financial services is a sector we have targeted as part of the Action Plan for Jobs, and today’s announcement that a multinational company in this sector is expanding its operations in Enniscorthy and creating 10 jobs is great news. I wish the company every success with this project.”
Bill Prew, INDOS CEO, said: “We initially chose Enniscorthy given its proximity to Dublin where many of our clients will already be administered, the lower cost base compared to a city location, and the large pool of experienced staff in the locality and surrounding areas. We have been encouraged by the response to our recruitment efforts to date and look forward to growing our team during 2014.”
Commenting on the announcement, Barry O’Leary, CEO, IDA Ireland said: “INDOS is a very welcome addition to the financial services sector in the South East region. Ireland is a globally recognised location for servicing alternative investment funds. IDA looks forward to working closely with the company as it expands its operation in Ireland.”
INDOS established its Irish office in Enniscorthy in Q4 2013 and is now seeking to grow its Irish business in response to demand for its services ahead of July. Recruitment for the roles is on-going and will continue through 2014.