Apex Fund Services announces that the UAE Securities and Commodities Authority (“ESCA”) in Abu Dhabi has granted Apex Fund Services (Abu Dhabi) Ltd. a licence to provide fund administration services under the ESCA’s new regulations.
The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalises the transfer of responsibility of regulatory supervision from the UAE Central Bank to ESCA.
Each local fund is now required to appoint an investment manager, an administrative services company, a custodian and an external auditor. Apex is the first administrator in the region to receive a licence under the new regulations.
Apex is in the unique position of being able to continue servicing existing onshore UAE funds while now offering approved managers with newly domiciled funds the same high levels of service from professional, locally based teams with a strong understanding of the revised Abu Dhabi regulatory system.
Apex was one of the first international fund administrators to open an office in the United Arab Emirates and it is now recognised as one of the leading fund service providers in the region.
Apex recently won the 2014 MENA FM Award for Best Fund Administrator – Sharia Compliant Funds.
Robert Grindlay, Managing Director, Apex Fund Services (UAE) Ltd., said: “As global liquidity issues continue to ease, interest in onshore UAE funds is building and the ESCA is to be commended for its rapid introduction of strong governance which bring improved transparency and protection to investors.
“The award of Apex’s licence is another example of the Company’s commitment to the Middle East region and demonstrates the level of investment Apex makes to provide its clients with the highest levels of service and range of products.”
Peter Hughes, Chief Executive and Founder, Apex Fund Services Ltd., said: “Any fund manager looking to launch a new fund in the UAE region can immediately recognise Apex as an independently approved licensee that can always be trusted to provide the best advice possible.
“This is another first by Apex and we welcome the ESCA’s focus on compliance and bringing greater confidence to the UAE’s investment market.”