RBS, the UK’s third largest banking group, has received a license from the Luxembourg financial regulator CSSF for a depositary bank that will serve alternative investment funds.
The British bank entered the Luxembourg investment fund market in March 2017, according a spokeswoman for RBS. In line with that move, RBS set up “a specialist depositary oversight service for the alternative funds sector”, she said.
The RBS spokeswoman told Delano on 23 April 2019:
“This activity has now been moved to sit within its own dedicated bank – RBS International Depositary Services SA. RBS International have been working closely with the CSSF to gain approval for this new entity and the final approvals were received in February. The customers were migrated in March 2019.”
The bank rep did not provide any information about clients or assets under administration at the unit.