Apex Fund Services (Abu Dhabi) has received a license from UAE Securities and Commodities Authority (ESCA) to offer fund administration services under new regulations.
The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalize the transfer of responsibility of regulatory supervision from the UAE Central Bank to ESCA.
Each local fund is now be required to appoint an investment manager, an administrative services company, a custodian and an external auditor.
Additionally, Apex will be 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, and locally based teams.
Robert Grindlay, managing director of Apex Fund Services (UAE), said: "The award of Apex’s license 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, CEO and founder of Apex Fund Services, 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."