Apex Fund Services, a fund administration business with over USD10bn in assets under management, is opening of an office in Abu Dhabi during the second half of 2010.
Approval has been received from the Department of Economic Development in Abu Dhabi.
The development enables Apex to build on its existing offices in Bahrain and Dubai.
Apex will be the first overseas fund administration business to locate in Abu Dhabi and it will support all types of funds and fund strategies.
As part of its strategy to be located in the same jurisdiction as the fund managers Apex works with, the company has been present in the Middle East since 2006. Being located in the Middle East allows for the acceptance of subscriptions and redemptions in Arabic, facilitated by a staff of Arabic speakers.
Apex is increasing its services in the Middle East by enhancing its IT platform to provide an Arabic website and Arabic reporting for clients and underlying investors.
Peter Hughes, managing director of Apex Fund Services, says: “We are delighted to receive initial approval from the Department of Economic Development. This is an exciting development for our clients and we look forward to the forthcoming opening of our office in Abu Dhabi.
“Apex has a recognised strategy of working closely with its clients by being located alongside them and having an excellent understanding of local regulations and local customs. Today’s announcement reflects the rapid growth of the Company and the excellent progress Apex continues to make in the Gulf region.”