Your depositary partner
for alternative funds
About us
We’re the go-to depositary for alternative fund services providers who seek an independent, non-competitive and reliable business partner.
In a world of ever-increasing regulatory responsibilities, we’re here to support you with your depositary duties.
Our services encourage more investments into alternative funds by promoting best-in-class depositary standards aligned with the most stringent regulatory requirements.
As our sole focus is on the depositary side of the fund life cycle, we’re the preferred partner for other independent fund industry professionals, including AIFMs, central administrators and lawyers, who are often reluctant to cooperate with rival one-stop-shops.
Our business model is synonymous with cooperation.
Who we are
We’re an independent MiFID investment firm and a brokerage house with offices in Luxembourg, Malta and Poland.
For the past decade, we’ve been a preferred partner for capital markets professionals like investment funds, asset managers and other players in the investment ecosystem.
We’re approved by the financial regulators in Luxembourg (CSSF), Malta (MFSA) and Poland (KNF) to offer depositary services for alternative investment funds, including custody of financial instruments.
On the Polish market, our licence additionally covers equity and debt financing, securities safekeeping, and brokerage transactions services for a variety of instruments.
What we do
We’re a depositary for alternative funds with offices in Luxembourg, Malta and Poland.
In Luxembourg our services are unique, as we’re the first investment firm authorised by the CSSF to offer depositary services under this type of license. This means our scope of provided services is broader than under a traditional Professional of the Financial Sector (PSF) licence.
Type of depositary service providers in Luxembourg
Depositary Bank
securities accounts
financial instruments
open-ended funds
closed-ended funds
independent depositary
bank accounts
Investment Firm Depositary
securities accounts
financial instruments
open-ended funds
closed-ended funds
independent depositary
bank accounts
Specialised PFS Depositary
(Article 26-1 of LFS)
securities accounts
financial instruments
open-ended funds
closed-ended funds
independent depositary
bank accounts
In Malta, we possess a full depositary license issued by the MFSA allowing us to service Maltese collective investment schemes of all asset classes and strategies.
Key figures
€17 billon
assets under custody
225 clients
alternative investment funds
80+ people
data as of 31 December 2022
What makes us different?
Independent
an agile, pro-active and client-centric relationship model
Simple pricing
service fee based on long-term subscription agreements
Less red tape
as opposed to banks, being an investment firm allows us to be more flexible and less procedural
Regulatory compliant
as a CSSF- and MFSA-regulated investment firm, we follow the rigorous standards of EU regulations
Synergies
we leverage the experience gained from managing Polish AIFs – similar in structure to Luxembourg and Maltese ones – which leads to cost-saving at the group level and more attractive pricing.
Our story
In late 2020, in the midst of the pandemic, we became the first-ever investment firm to be granted the Luxembourg financial regulator’s approval to act as a depositary for alternative investment funds. Within a year and a half, we have onboarded close to 30 clients, a number growing continuously.
While the Luxembourg team was developing our business there, our focus turned to another jurisdiction to plant our flag: Malta. In February 2023, we secured a license from the MFSA and set up shop on the island and provide depositary services to local funds.
Being present in three EU jurisdictions allows us to leverage the different specificities of the markets and benefit from expertise gained when servicing fund managers of many sorts and sizes.
Our multi-jurisdictional presence allows us to offer tailored-made solutions while remaining cost-efficient. We’re the depositary services market leader among non-banking entities in Poland and are successfully growing our business in Luxembourg and Malta.
Our experience, know-how and team of qualified experts have allowed us to become a depositary services provider of choice for many fund and asset managers.
Services
Depositary services
We offer decentralised depositary services to alternative investment funds across Europe and partner with key industry players, including alternative investment fund managers (AIFMs), central administrators, law firms, auditors, etc.
We offer depositary services to a broad range of Luxembourg- and Malta-domiciled alternative funds, including:
Private Equity
Infrastructure
Real Estate
Securitisation
EuVECA
Debt
Hedge Funds
ELTIF
Public Equity
Crypto
After many years spent servicing fund industry professionals, we’re deeply aware of the specific needs of alternative funds and how servicing approach should differ from that offered to UCITS. We make sure our offer is tailored and – unlike mainstream service providers – take the time to understand our clients’ needs. As a result, cooperation becomes seamless as we speak the language of industry professionals.
Our depositary services are compliant with all aspects of the Alternative Investment Fund Managers Directive (AIFMD), in particular with the following requirements:
Cash flow monitoring
(custody)
Record keeping and non-custody asset verification
(valuation, compliance with investment restrictions and leverage limit)
People
Our focus? Delivering Quality Solutions by Our Highly-Qualified Experts
Management Board
Agnieszka Sawa
CEO
Agnieszka has been the company head since 2016. She leads the ever-growing team of 70 people located in Poland and Luxembourg.
Agnieszka Sawa
CEO
Agnieszka has been the company head since 2016. She leads the ever-growing team of 70 people located in Poland and Luxembourg.
She’s an expert in depositary and custody services for investment and pension funds.
An effective leader, strategist and negotiator, she prides herself in building committed, customer-oriented teams, offering services of the highest quality.
Among her critical professional achievements, she mentions building Q’s depositary business line for alternative investment funds from scratch and achieving the leading market position in Poland.
Before joining Q, she worked at mBank (Commerzbank Group), where she created and oversaw the implementation of depositary services for investment and pension funds.
She holds postgraduate diplomas in Leadership Management and Accounting, and an IFRS in Practice postgraduate diploma.
She’s an avid sailor; she loves travelling and discovering the local cuisine.
Jerzy Kasprzak
Deputy CEO
An expert in investment strategies and finance. He joined Q Securities three years ago to oversee further growth of the company’s three business divisions.
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Jerzy Kasprzak
Deputy CEO
An expert in investment strategies and finance. He joined Q Securities two years ago to oversee further growth of the company’s three business divisions dedicated to professional investors: debt capital markets (DCM), equity capital markets (ECM), and market transactions.
Before joining Q, he worked as a fund manager, investment director and asset manager at Allianz, Ipopema and ING.
Apart from the vast market know-how, he boosts any team’s morale by bringing and building a culture of friendly cooperation based on trust and honesty.
He holds an MA in Economics with a specialisation in derivative-based investment strategies.
If not in the office, he’s an outdoor activities enthusiast, including off-piste skiing and rock climbing.
Małgorzata Popielewska
Executive Committee Member
She joined Q Securities in August 2021 and manages a team of 15 experts in the business infrastructure field comprising risk control, legal and compliance.
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Małgorzata Katarzyna Popielewska
Executive Committee Member
She joined Q Securities in August 2021 and manages a team of 15 experts in the business infrastructure field comprising risk control, legal and compliance.
She’s an experienced and results-driven manager. She focuses on leading by strengthening teamwork and setting the vision, goals and big picture strategies that bring optimal business results.
She’s a senior manager with a successful track record of setting up and leading investment funds and asset management companies. Previously, she was a member of executive committees at Generali Investments TFI and Union Investments TFI, which during her tenure, increased the net asset value from €43 million to €3,4 billion.
She holds an MSc in Finance and Banking from the University of Warsaw Economics Faculty and a post-graduate diploma in renewable energy projects management from Warsaw University of Technology Business Development School.
She enjoys playing tennis, bridge and is committed to ESG topics.
Business Leaders
Grzegorz Cieślik
He joined Q Securities in January 2022 and supervises the company’s Luxembourg office.
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Grzegorz Cieślik
Managing Director, Depositary Business Development
He joined Q Securities in January 2022 and supervises the company’s Luxembourg office.
He’s an expert in the vast area of depositary and custody services for investment funds and financial institutions. His feedback-focused managerial style helps him engage teams and maintain strong relationships with clients.
Throughout his career, he’s managed large teams, including at Citibank, where he led the Foreign Securities Settlement Team. At Raiffeisen Bank Polska, he was responsible for the business development of custody and depositary bank services for investment funds after creating the division from scratch. Before joining Q Securities, he was a Financial Clients Department Director at mBank.
He's an active member of industry associations and participated in the activities of the Council of Depository Banks. From 2013 to 2015, he was a member of the Polish Bank Association Presidium of the Council. In 2016, he was awarded the Polish Bank Association Medal for distinctive merits to the banking industry in Poland.
He’s an acting Court of Arbitration Judge at the National Securities Depository for the third term after being first elected in 2013.
He holds an MA in Economics with a major in banking.
He enjoys reading non-fiction books, reportages, and biographies. He’s also an avid off-road traveller.
Piotr Zaczek
An expert in depositary services for alternative and retail funds, he joined Q Securities in 2020.
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Piotr Zaczek
Luxembourg Branch Manager
An expert in depositary services for alternative and retail funds, he joined Q Securities in 2020 to build and grow the Luxembourg office. He oversees a team of seven depositary experts.
From a career spanning three decades, he brings in-depth knowledge of depositary services and management skills.
Among his most notable professional achievements is setting up one of the first custodian and depositary banks in Poland in 1995. He also set up and, for 20 years, managed custody and depositary services at Deutsche Bank Poland and later – following an acquisition – led the alternative funds services team at Apex Fund Services in Luxembourg.
He's one of the key people behind Q Securities securing the first AIF depositary licence for an investment firm after it launched operations in Luxembourg. He's responsible for business development in the Grand Duchy, representing the company in professional associations, and maintaining a relationship with the CSSF, the Luxembourg financial regulator.
For his industry merits, in 2016, he was awarded the Polish National Bank Medal of Honour; he also received the Badge of Honour from The Banking Association twice for capital markets development contribution.
He holds an MA in Economics from Warsaw School of Economics and an Executive MBA diploma from the University of Montreal-SGH.
His interests centre around global economics, market trends and history. He's passionate about diversity and inclusion. He plays tennis, volleyball, and basketball in his free time and enjoys windsurfing, sailing, skiing, and mountain trekking.
Filip Suchta
Filip Suchta joined Q Securities in January 2023 and heads the company’s Malta branch.
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Filip Suchta
Branch Director
Malta Country Head
Filip Suchta joined Q Securities in January 2023 and heads the company’s Malta branch.
He’s a renowned legal expert in all matters related to investment funds and capital markets, focusing particularly on depositary and custody services regulatory issues. He’s already been supporting the company for several years as partner at Matczuk Wieczorek & Partners, one of the leading Polish law firms specialising in capital markets law, where he maintains his role. Filip has supervised all legal aspects of Q Securities’ depositary services since 2016.
He lists professionalism, responsibility and openness among the key qualities of his management style. His extensive knowledge and experience allow him to respond quickly to client needs.
Co-authoring the industry legal standard of depositary agreement and procedures under AIFMD / UCITS V in Poland and spearheading the processes to obtain administrative authorisations and licenses for the company to act as a depositary in Luxembourg and Malta are among Filip’s most notable professional achievements.
He has been serving as a supervisory board member at various investment fund management companies.
He holds an MA in Law from Poznan University and is a licensed attorney-at-law at the Warsaw District Chamber of Attorneys-at-Law.
His interests include travel, jazz music and non-fiction books, particularly those presenting alternative and innovative views on world history. Above all, he enjoys spending time with his family, wife Marta, dog Barney and two cats: Ramona and Rio.
Tomasz Kaplon
Tomasz is an expert in investment funds accounting and depositary controls for funds covered by the UCITS and AIFMD directives.
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Tomasz Kaplon
Depositary Department Director, Malta
Tomasz is an expert in investment funds accounting and depositary controls for funds covered by the UCITS and AIFMD directives and joined Q Securities at the end of 2022. He oversees the newly created Depositary International Department providing services for Luxembourg and Malta branches.
He’s experienced in managing teams, building organisational structures, managing operational and human risk, and running organisation optimisation projects. Thanks to the technical skills gained over a career spanning more than ten years, he’s helped teams improve processes and thus increase productivity and service quality.
Tomasz’s most outstanding professional achievement is the creation of new structures and training the Depository Services Department teams at his former employer – State Street Bank International – in Cracow and Danzig in Poland. He was responsible for growing the local team providing the service to the head office in Luxembourg from just a few to several dozen people.
His education helps him analyse extensive numerical data and create information-based management tools. Tomasz completed engineering studies at the Cracow University of Technology with a specialisation in automation. He also holds an MA and PhD from the Cracow University of Agriculture in Krakow and completed postgraduate studies at the Cracow AGH University of Science and Technology in Krakow, majoring in international accounting. Tomasz also holds International Investment Funds Services certificate from The Institute of Banking (Ireland).
His hobbies include rock music, Hi-Fi audio equipment and fantasy literature and his greatest non-professional achievement is a happy family: wife, Agnieszka and two children, Oliwia and Aleksander.
Careers
For spontaneous applications in Luxembourg, send your résumé to office-lu@qsecurities.com
For spontaneous applications in Malta, send your résumé to office-mt@qsecurities.com
News
Our experts enjoy sharing their industry knowledge. Get inspired by our latest publications.
The regulatory landscape for depositary services is a labyrinth, constantly evolving and varying across jurisdictions. This presents significant challenges for institutions managing a diverse range of asset classes.
At Q Securities, we are adept at navigating this complexity and are committed to providing our clients with secure, compliant, and tailored solutions.
We’re glad to share information that Piotr Zaczek, Director of our Luxembourg branch, was listed among key investment fund industry players in Delano magazine’s special report.
The company has received authorisation from MSFA in addition to licences granted by authorities in Poland and Luxembourg.
Contact
Contact us to discuss our depositary offer or simply exchange about the latest industry trends.
Warsaw
Luxembourg
Malta
Triq L-Imsida Gzira GZR
1401 Malta