The Dubai Financial Services Authority has given Apex Fund Services the go ahead to become the first fund to operate from the Dubai International Financial Centre.
The approval of Apex to enter the market place in Dubai marks a move to lay the foundation for growth of a regional funds industry, the DFSA says.
“We expect the DIFC to become a key domicile for the global funds industry following enactment of the Collective Investment Law 2006 – the Middle East’s first regulatory framework for the funds industry. ‘Being the first fund administrator at the DIFC increases our ability to provide an enhanced level of service to a wider range of clients,” says Peter Hughes, managing director of Apex Fund Services.
Upon hearing the announcement, Hughes said Apex will move its headquarters from Bermuda but will maintain an office there to continue servicing its local clients.
Data show demand for investment and asset management services in Dubai has increased significantly recently. The Merrill Lynch/Cap Gemini High Net World Wealth Report 2005 forecasts that between 2004 and 2009 the number of high net worth individuals in the Middle East in expected to grow at a pace of 9.1% per year, marking the highest expected growth rate of any region in the world.