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.
The independent and owner-managed financial services group 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.
“The Middle East is a fast-growing region and PraxisIFM has seen a developing interest in the area from our existing fund clients. 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,” says Chris Gambrell, managing director, Praxis Fund Holdings Limited.
“ADGM offers an attractive, alternative jurisdiction where funds can be domiciled or fund administration can be carried out. 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.”
Wai Lum Kwok, executive director of Capital Markets, Financial Services Regulatory Authority, ADGM, says: “We welcome PraxisIFM on board as a member institution of ADGM. 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. 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.
Ryland Gray, which was established in Dubai in 1995, 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.
