Independent professional services group Praxis has boosted its corporate services and fund administration team in the UAE with the addition of two highly experienced professionals in Dubai.
Greig Clayton has joined as Compliance Officer and MLRO, and Hetal Gada as Finance Officer. Both bring extensive expertise in the financial services sector and are well-versed in helping businesses that are looking to establish a presence in the Abu Dhabi Global Market (ADGM) or the Dubai International Financial Centre (DIFC).
The appointments form part of Praxis' strategic growth plans for the Middle East, where it was granted the first Trustee licence from the ADGM Financial Services Regulatory Authority in 2016, with the licence extended in 2021 to include Company Service Provider activity. The Group has also held a licence to provide administration services to collective investment funds since 2017.
The pair's in-depth knowledge of the regulatory landscape, coupled with hands-on experience, will provide invaluable support and insight to businesses navigating the financial services regulations in the UAE, together with ongoing accounting support.
Before relocating to the UAE, Greig specialised in compliance for fund administration, wealth managers and investment firms in Jersey. Commenting on his dual role, Greig said: 'With the demand for our services ever-increasing in line with the region's growth, I have relocated and joined Praxis at a very exciting time.
'Safeguarding our clients' interests by ensuring their full compliance with the various UAE regulations is a cornerstone of our corporate services business, from ensuring they have the correct permissions at start up, to ongoing regulatory compliance.'
A Chartered Accountant, Hetal's background at large multinational financial services, audit and manufacturing firms in India and the Middle East has honed her knowledge in accounting, financial and regulatory reporting, and internal and external audit. Also supporting Praxis' clients, Hetal is focused on ensuring accuracy, compliance and efficiency of their accounts. 'With a broad range of clients representing many different sectors, managing their accounts is a varied role which I am very much enjoying,' she said.
'The depth and breadth of businesses in the region is impressive, and working in partnership with our clients enables us to develop a deep understanding of each clients' unique circumstances and requirements.'
Hetal and Greig offer consulting and advisory services to assist with financial services permissions applications, helping companies to secure the necessary regulatory licenses to operate within these leading financial centres.
Praxis can subsequently provide outsourced officer services allowing businesses to focus on their core operations. The Group's comprehensive support extends beyond the initial setup to include ongoing company secretarial (CoSec) and accounting functions, making it an extension of the clients' inhouse team.
This advisory capability is particularly relevant to fund managers, investment firms, private equity houses, and Designated Non-Financial Businesses and Professions (DNFBPs) requiring expert guidance to ensure smooth market entry and compliance.
Dan Toft, Senior Executive Officer at Praxis in the UAE, said: "With the addition of Hetal and Greig, we are confident in our ability to offer an even higher level of tailored service to financial services firms and other regulated businesses. Their expertise allows us to serve as a trusted partner in helping clients navigate the complexities of setting up and operating in ADGM and DIFC," he said.
Praxis launched the expansion of its corporate administration capabilities earlier this year and continues to see strong demand from clients in the Middle East looking for local expertise. The region continues to attract record levels of new funds, with the ADGM1 reporting a 226% increase in assets under management in the first six months of the year and the DIFC2 recording a 125% year-on-year growth in 2023.
Working closely with institutional, private equity, venture capital, family office and private clients, Praxis provides a comprehensive, efficient and independent range of fund administration to regional and international funds. Its fund administration services can guide start-ups through the regulatory set-up and fund formation process, while its transfer team can quickly and efficiently relocate the administration for established fund structures.
Footnotes
1. https://www.adgm.com/media/announcements/adgm-continues-rapid-growth
2. https://www.difc.ae/whats-on/blogs/dubai-is-hedge-fund-heaven
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