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Fund administrator PraxisIFM has become the first trust company from a regulated offshore location to be authorised to offer a full suite of fund administration services in the Abu Dhabi Global Market (ADGM).
Chris Gambrell, managing director, Praxis Fund Holdings Limited, says: “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.”
He adds: “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.”
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