Abu Dhabi Global Market (AGDM) has granted Bermuda-based Apex Fund Services in principle approval to offer regulated services in the jurisdiction.

The approval, which is subject to final regulatory review of certain pre-conditions being fulfilled, will allow Apex Fund to act as the administrator of a collective investment fund.

Apex Fund Services managing director of Abu Dhabi Venki Subramaniam said: “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.”

ADGM executive director of the capital markets intermediaries of the FSRA Wai Lum Kwok said: “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.”

Apex recently purchased Equinoxe Alternative Investment Services, a fund administration services provider, with the support of Genstar Capital.

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Incorporated in 2003, Apex is offering its services in the Middle East and North Africa (MENA) region with the offices in Dubai and Abu Dhabi.