Apex Fund Services has become the first fund administrator to receive ‘in principle’ approval from the Abu Dhabi Global Market (ADGM).
The independent fund administrator will now be able to carry out regulated activity in the Abu Dhabi jurisdiction.
Under terms of the initial approval, the grant of the financial services permission to act as the administrator of a collective investment fund in the ADGM still requires final regulatory review.
“As an international finance centre, ADGM offers an open, well-regulated and efficient funds and investment platform that serves the needs of both local and global stakeholders,” said Wai Lum Kwok, executive director of the capital markets intermediaries of the FSRA at ADGM
“We welcome more leading firms and fund administrators like Apex Fund Services to add to the vibrancy of our financial ecosystem and accelerate the funds activities at ADGM and wider region.”
The move is the latest in a series of developments for Apex since its initial founding in 2003.
Earlier this month it acquired Equinoxe Alternative Investment Services while simultaneously gaining new private equity backing from Genstar Capital.
It was also selected to support the launch of Brazilian investment manager Captalys’ first offshore fund as well as partnering with Saudi Arabian based custodian, Albilad Capital, to offer fund administration services for Saudi funds.
Apex now administers close to $80 billion in assets.
“Abu Dhabi’s economic development and diversification plan has a strong positive impact on the asset management space and we are excited to be leading the way with the region’s development,” said Venki Subramaniam, managing director for Apex Fund Services Abu Dhabi.
“Apex is already regulated in thirteen jurisdictions globally, therefore global standards are already in place at our Abu Dhabi office meaning the transition will be smooth; we look forward to further promoting compliance and best practice across the region.”