Volaw Trust & Corporate Services, a provider of fiduciary, advisory and fund administration services, has opened a new office in Dubai to further consolidate its position in the Middle
Volaw Trust & Corporate Services, a provider of fiduciary, advisory and fund administration services, has opened a new office in Dubai to further consolidate its position in the Middle East, becoming the first Jersey-based trust company to be granted a category three licence for its Dubai operation.
The licence from the Dubai Financial Services Authority allows Volaw, a sister company to Jersey law firm Voisins, to operate as an authorised firm in the Dubai International Financial Centre. From its new office, Volaw will provide a wide range of trust, fund administration and advisory services on financial products to clients throughout the region.
Previously Volaw offered services in Dubai under a category four licence, which allowed the firm to offer generic advice on the structuring of financial products and to introduce potential clients to its Jersey office.
However, increased demand for fiduciary services in the region stemming from changes in the legislation governing the DIFC has prompted Volaw to build a full operational infrastructure and recruit a team capable of offering an extensive range of fiduciary and administrative services to its clients from Dubai.
Volaw provides fiduciary and related services to individual, family, corporate and institutional clients in seven core business areas comprising private client wealth management, administration of structured finance vehicles, fund administration, Islamic finance, corporate clients services, employee benefit solutions and listing services. These services will now be available to clients throughout the Gulf region.
James Hume, who has been appointed senior executive officer of the Dubai office, has more than 25 years experience in trust services and private banking and extensive knowledge of Islamic financial services. He will report to Trevor Norman, a longstanding director of Volaw and an acknowledged industry specialist in Islamic finance work.
‘We believe the recent introduction of laws governing family and investment trusts in the DIFC will help propel the rapid growth of this sector across the Gulf and Middle East,’ says Robert Christensen, managing director of Volaw Trust & Corporate Services. ‘We are delighted to take this opportunity to expand our presence and services from our new regional headquarters at the DIFC.’
DIFC Authority chief executive Nasser Al Shaali adds: ‘Volaw is the newest member of the rapidly growing DIFC family, which is now home to more than 400 companies. Volaw’s expertise in the administration of trusts and offshore fiduciary services will enable them to provide vital services to individuals and institutions in the region.’
