IDS to provide admin to first DIFC domiciled hedge fund
Investment Data Services Group has been appointed to provide third party administration for the Constans Crescent Investment Fund, the first Dubai International Financial Centre (DIFC) domiciled hedge fund.
The Constans Crescent Investment Fund was launched on 22 August 2006 by the Argent Financial Group LLP.
The IDS Group was founded three years ago in South Africa and currently has over USD 2bn under administration. IDS International (Cayman) Limited has recently been launched to service the international market. Application has been made to the Dubai Financial Services Authority to license and register IDS International Limited in the DIFC so that the Company can provide services specific to the Dubai and Middle East markets.
'IDS has been involved in the South African hedge fund industry since its infancy a few years ago,' says Ian Hamilton, CEO of IDS in South Africa and Chairman of IDS International (Cayman) Limited. 'We have provided administration, support structures and ancillary services to the South African hedge fund industry and have become the leading alternative fund administrator in that region.'
James Hume, CEO of IDS International (Cayman) Limited, adds: "The Dubai market is in a similar situation to the South African market three years ago and it is the IDS Group's expertise that we shall offer in Dubai to assist in developing the regional markets. Also, South African-based fund managers looking to expand internationally will have access to the best practice, experience and expertise that they have enjoyed in South Africa. Having the Argent Group as our first client is very exciting. We are confident that other International groups will also see the benefits of setting up investment funds in the region."
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