22nd Nov 2023 14:28
(Alliance News) - Amicorp FS (UK) PLC on Wednesday said that it has completed the demerger of Amicorp Luxembourg SA, allowing it to expand operations in the fund services market.
According to the international specialist fund services group, the de-merger involved the separation of the fund administration element of AMIF's existing jurisdictional licence, held within the Amicorp Group.
This then allowed the firm to apply for an additional depositary lite licence, which it said would complement its administration business with enhanced services and revenue opportunities. The new licence is expected to be granted in 2024.
A depositary lite licence allows for the provision of a number of services including cash flow monitoring, safekeeping of assets and ongoing oversight.
"We stated at the time of our IPO that an important aspect of our growth strategy was to expand our service offering amongst current clients and geographies. Luxembourg is an important financial and fund services marketplace that is of critical importance to the business. Today's news will allow the group to drive a significant increase in revenue generating opportunities," said Chief Executive Officer Kin Lai.
Amicorp FS shares were flat at USD1.49 each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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