Guernsey-based independent financial services group PraxisIFM has become the first fund administrator to be authorised in Abu Dhabi Global Market (ADGM) to offer a full suite of fund administration services.
PraxisIFM has been granted a licence to act as an administrator of collective investment funds. Last year, it was authorised to provide trust services in the region and is currently the only authorised trust company in the UAE that is operating from a regulated offshore location.
ADGM is a strategic platform and partner in the Middle East for foreign investment advisors looking to invest in the region or attract Middle East investors.
Praxis Fund Holdings Managing Director Chris Gambrell said the company had seen a developing interest in the fast-growing Middle East region from its existing fund clients.
"ADGM offers an attractive, alternative jurisdiction where funds can be domiciled or fund administration can be carried out," he said. "It's somewhere 'local' for Middle East clients, advisors and managers. It means greater choice, opportunity and flexibility for clients and opens doors to new Middle Eastern markets."
ADGM Executive Director of Capital Markets, Financial Services Regulatory Authority, Wai Lum Kwok was pleased to welcome PraxisIFM on board as a member institution.
"As an international financial centre, ADGM provides an open and trusted regulatory environment for local and global financial institutions to conduct their business and tap opportunities in the region's growth markets," he said. "We will continue to maintain a well-regulated, inclusive and efficient funds platform for fund services providers such as PraxisIFM to cater to the needs of investors and industry stakeholders alike."
The licence builds on PraxisIFM's growing presence in the Middle East. Earlier this year, the company acquired Dubai-based Ryland Gray, which has rebranded as PraxisIFM Consultancy FZE and offers financial administration and corporate consultancy services across the Arab Gulf Cooperation Council States. It specialises in innovative structural financial solutions for corporate and institutional clients.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.www.guernseyfinance.com
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