INDOS Financial Limited, a provider of depositary services under the Alternative Investment Fund Managers Directive (AIFMD), is planning to expand its Irish office based in Enniscorthy, County Wexford.

The investment, which is supported through the Department of Jobs, Enterprise and Innovation through IDA Ireland, will see the creation of up to 10 new 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.


 
Bill Prew, INDOS CEO, says: “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.”
 
Barry O’Leary, CEO, IDA Ireland, says: “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 ongoing and will continue through 2014.