Apex Fund Services, a Bermuda-based fund administrator, has secured the licence from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (AGDM) to conduct regulated activity in the jurisdiction.

The company received in principle nod to offer regulated services in the region in June 2017. The approval, the company said at that time, would allow it to serve as the administrator of a collective investment fund.

Apex Fund Services Abu Dhabi managing director Venki Subramaniam said: “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 one of the first administrators to receive a license 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.”

Apex Abu Dhabi bolstered its assets by 40% in 2016. In May 2017, the firm agreed to snap up Equinoxe Alternative Investment Services, a fund administration services provider.

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