Alternative investment fund manager FundRock has launched third-party management company (ManCo) services in the Abu Dhabi Global Market (ADGM).

The firm launched the new service under FundRock ME brand after obtaining full regulatory approval from the ADGM Financial Services Regulatory Authority.

As a subsidiary of the Apex Group, FundRock ME will offer ManCo services, which the company pearlier offered under the LRI Middle East brand.

The service will focus on arranging deals in investment, advise on investment or credits in addition to managing collective investment fund and assets.

Furthermore, it will provide clients a suite of complementary fund administration, middle office, banking, depositary, and custody services offered by Apex Group internationally.

The business will be led by senior executive officer Faisal Hasan, and chief risk officer Martin Bond.

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Commenting on the development, Hasan said: “We are excited to announce the launch of FundRock ME, with an experienced team in place to act as the ideal partner for asset managers, institutional clients and family offices who wish to set up their funds and distribute them within the ADGM.

“As part of the Apex Group, FundRock ME offers a powerful solution for asset managers, providing local substance combined with global connectivity, enabling clients to focus on their core business.”

FundRock head Xavier Parain added: “The launch of FundRock in the dynamic and fast-growing ADGM jurisdiction further strengthens our strategic intent to represent asset managers across their portfolio, helping them to tackle the complex regulatory requirements of cross-border fund distribution and supporting their asset raising activities.”

In 2019, FundRock launched an office in the Irish city of Limerick, which was its second location in Ireland.