Orion will provide depositary services for Lithuanian investment funds
Orion is expanding its services and from the 1st of October starts providing depositary service to investment funds and investment companies operating in Lithuania. The depositary ensures the safety of fund participants’ investments by protecting fund assets and managing asset accounting, controlling the sale, issuance, and redemption of investment units in accordance with rules and regulations.
The demand for depository service is growing, but the supply is low
This service is provided only by a few commercial banks in the Lithuania. The demand for the depositary service increased a few years ago when the Law on Collective Investment Entities for Informed Investors was passed, which activated the activities of these funds.
Financial brokerage firms were allowed to engage in depositary services a couple of years ago, when changes to the regulation of investment funds came into force.
The first contract has already been signed
“Having signed a service agreement with UAB I Asset Management, “Orion” will start providing depositary service for this investment company and four of its funds”, says Head of Finance at Orion Securities Justina Nedzinskaitė.
Justina Nedzinskaitė | Head of finance at Orion Securities
When asked why it is worth to choose “Orion” instead of a commercial bank for the depositary service, J. Nedzinskaitė says that: “Orion” has almost 30 years of work experience in the financial services sector, so we can offer our clients a wide range of services and the best solutions. We work very closely with each fund manager, have a deep dive into their projects and respond to inquiries very promptly. In a large commercial bank, it is often difficult to expect such promptness.”