Global independent fund administrator Apex Fund Services has become the first administrator to receive in principle approval from the ADGM to carry out regulated activity in the jurisdiction.
Under the in principle approval, the grant of financial services permission to act as the administrator of a collective investment fund in the ADGM is subject to final regulatory review of certain pre-conditions being fulfilled.
Having recently acquired Equinoxe Alternative Investment Services, with the backing of Genstar Capital, Apex has stepped up to be ranked one of the world’s top 15 largest fund administrators. The group was founded in 2003 and has been servicing clients in the MENA region for over a decade; with the Dubai office established in 2006 and the Abu Dhabi office subsequently launching in 2012.
Venki Subramaniam (pictured), managing director, Apex Fund Services Abu Dhabi, says: “Abu Dhabi’s economic development and diversification plan has a strong positive impact on the asset management space and we are excited to be leading the way with the region’s development by being the first administrator to receive ‘in principle approval’ from the ADGM. Apex is already regulated in thirteen jurisdictions globally, therefore global standards are already in place at our Abu Dhabi office meaning the transition will be smooth; we look forward to further promoting compliance and best practice across the region.”
Wai Lum Kwok, executive director of the capital markets intermediaries of the FSRA of ADGM, says: “As an International Finance Centre, ADGM offers an open, well-regulated and efficient funds and investment platform that serves the needs of both local and global stakeholders. We welcome more leading firms and fund administrators like Apex Funds Services to add to the vibrancy of our financial ecosystem and accelerate the funds activities at ADGM and wider region.”
