L-R: Jerzy Kasprzak, Deputy CEO; Agnieszka Sawa, CEO; Piotr Zaczek, Luxembourg Head; Credit: Q Securities

Depositary services provider Q Securities marked its first year of operations in Luxembourg by signing its 20th alternative fund and now boasts a portfolio with net assets valued at €400 million.

"When we launched our Luxembourg office last year, in our best-case scenario, we targeted a dozen clients for the first twelve months of operations. What we've achieved has surpassed our expectations", explained Piotr Zaczek, Q Securities Country Head for Luxembourg.

Q Securities was the first company in Luxembourg to offer depositary services under an investment firm licence, which authorises it to provide a broader scope of services that other non-banking depositaries.

"It's fair to say we're pioneers of this type of offering. Our licence allows us to offer a much broader scope of services than traditional non-banking depositaries. At the same time, we're much faster-to-market than a banking depositary", said Piotr Zaczek.

According to Q Securities, the company entered the Luxembourg market at an optimal time, when credit institutions are increasingly reluctant to offer depositary services and many fund managers are left in limbo.

Among Q Securities' clients are hedge funds, private equity funds, real estate funds and several Specialised Investment Funds (SIF).

"Signing the first SIF client was a milestone, showing our diverse expertise. The CSSF needs to approve the appointment of a depositary for a SIF and receiving the green light was an important proof of the service quality we offer", commented Grzegorz Cieslik, conducting officer, who joined Q Securities in February 2022. "We are the perfect solution for funds not willing to work with one-stop shops, who often compete with them in other business lines".

The company expects to expand its portfolio to 50 clients by the end of next year.

Due to the team's growth, the company moved to a bigger office and is now located at 46A Avenue JFK in Luxembourg-Kirchberg.

Originally from Warsaw, Q Securities' first anniversary in Luxembourg coincides with its tenth anniversary in Poland, where it is the biggest non-banking depositary for alternative funds. In Poland, Q Securities' offering also spans equity and debt financing, securities safekeeping and brokerage transaction services for a variety of instruments.