PraxisIFM has become one of the first fund administrators to be authorised in the Abu Dhabi Global Market (ADGM) to offer fund administration services.
The 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 claims to be the only authorised trust company in the UAE operating from a regulated offshore location.
“ADGM is a strategic platform in the Middle East for foreign investment advisers looking to invest in the region or attract Middle East investors,” said Chris Gambrell, Managing Director of Praxis Fund Holdings.
“It 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, advisers and managers.”
The granting of the licence follows PraxisIFM’s acquisition of Dubai-based Ryland Gray earlier this year. Ryland Gray, which has rebranded as PraxisIFM Consultancy FZE, offers financial administration and corporate consultancy services across the Arab Gulf Cooperation Council States.