EN PL

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
possible
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
impossible
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.

Incorporation of Q Securities
Incorporation of Q Securities
Polish Financial Supervision Authority (KNF) grants licence for brokerage activities in Poland
Polish Financial Supervision Authority (KNF) grants licence for brokerage activities in Poland
Notification to KNF of intention to provide cross-border activities in Luxembourg, Malta, Cyprus and Slovakia
Notification to KNF of intention to provide cross-border activities in Luxembourg, Malta, Cyprus and Slovakia
Launch of depositary services for Poland-domiciled alternative funds
Launch of depositary services for Poland-domiciled alternative funds
CSSF grants a full depositary licence to Q Securities S.A. Luxembourg branch, the regulator’s first such licence for an investment firm ever
CSSF grants a full depositary licence to Q Securities S.A. Luxembourg branch, the regulator’s first such licence for an investment firm ever
Company services 200 funds in Poland and 25 in Luxembourg
Company services 200 funds in Poland and 25 in Luxembourg
Q Securities launches operations in Malta following MFSA authorisation
Q Securities launches operations in Malta following MFSA authorisation

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

Asset safekeeping

(custody)

Record keeping and non-custody asset verification

Oversight

(valuation, compliance with investment restrictions and leverage limit)

People

Our focus? Delivering Quality Solutions by Our Highly-Qualified Experts

Management Board

Agnieszka Sawa

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.

read more »

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

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.

read more »

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

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.

read more »

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

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.

Luxembourg’s financial landscape thrives on innovation and inclusivity. However, finding the right depositary provider can be a hurdle for funds pursuing complex, non-traditional strategies. Here’s where Q Securities comes in.

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

ul. Marszałkowska 142
00-061 Warszawa

 

+48 22 417 44 00
+48 22 417 44 01

 

biuro@qsecurities.com

Luxembourg

46A Av. John F. Kennedy

L-1855 Luxembourg

 

+352 621 382 477

piotr.zaczek@qsecurities.com

Malta

SOHO The Strand Fawwara Building

Triq L-Imsida Gzira GZR

1401 Malta

 

+356 997 273 93

office-mt@qsecurities.com

Media contact

Social media