Apex Group has been appointed to provide fund administration to the $200 million Financing Opportunities Fund of UAE-based asset manager and banking platform SHUAA Capital.
Apex will provide a full suite of fund administration services to SHUAA including financial reporting, investor communication, capital transactions and accounting support.
The fund is targeting special situations in the GCC and has already attracted a total of $68 million in commitments from investors.
The deal expands Apex’s existing relationship with SHUAA who earlier this month, announced the launch of three Sharia-compliant funds in Abu Dhabi Global Market (ADGM) that already secured $75 million of commitments and are also administered by Apex.
“We were impressed by Apex’s experience in the private credit markets and are pleased to appoint them to administer our latest fund,” said Natasha Hannoun, head of investment solutions at SHUAA Capital. “In the current climate of uncertainty and disruption in the global markets, Apex’s appointment helps to ensure that we provide our investors with efficient fund administration to complement the attractive investment proposition, and is testament to the outstanding levels of local expertise and service in evidence to date.”
Apex has been looking to grow in the Middle East region in recent years through acquisitions and new mandate wins, building on its status as the first administrator in the Dubai International Financial Centre (DIFC) in 2006 and the first to receive official approval and licensing from the Financial Services Regulatory Authority (FSRA) of ADGM in 2017.
In September, the group acquired UAE–based compliance and risk advisory firm, Praesidium Advisory.
“We are delighted to further expand and strengthen our relationship with SHUAA and to provide administration services to their new fund,” said Glyn Gibbs, regional head of business development, MENA at Apex Group.
“SHUAA appointed Apex in recognition of our local expertise, and our flexible and bespoke approach to meet the specific requirements for this fund. Recent pioneering fund launches have positioned SHUAA at the forefront of the development of the Abu Dhabi Global Market and we look forward to providing innovative and scalable solutions to these funds.”