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Investment firm Q Securities launched operations in Luxembourg after securing the CSSF approval to offer depositary services to alternative funds. It is the first-ever licence of the sort granted by the Luxembourg watchdog to an investment firm, as banks had traditionally dominated this segment.
“It’s an important milestone as there’s a growing market tension with many mainstream banks – traditionally offering depositary services – pulling out from this business line,” said Piotr Zaczek, Q Securities country head in Luxembourg. “Increasing regulatory requirements make it harder for banks to service small- and mid-sized funds, and instead, some drop these accounts altogether,” he said. As all alternative funds are legally required to appoint a depositary, some fund...
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