PFS client, Apex Fund Services, selected as Administrator for first ever ADGM Domiciled Fund

ADFG announces appointment of Apex Fund Services to administer the first ADGM domiciled fund. The Abu Dhabi Financial Group (“ADFG”), a multi-billion dollar alternative investment company, is set to launch ‘The Goldilocks Investment Company’ in partnership with Apex Fund Services, global independent service provider, as its fund administrator. The Goldilocks Investment Company plans to launch with AED700M of capital as a Gulf Cooperation Council (“GCC”) equities fund. ADFG has also incorporated an Abu Dhabi Global Market (“ADGM”) registered investment management company, ADCM Altus Investment Management Limited, in order to comply with ADGM rules; the administration of the fund will be sub-delegated to Apex, by Altus. Both ADFG and Apex have been market leaders with the progression of the funds industry in Abu Dhabi. Apex was the first independent provider to offer fund administration services in the ‎country, opening its first office 10 years ago, and this progressive sentiment is now echoed by the launch of what is set to be the first ADGM domiciled fund by ADFG. Glyn Gibbs, Regional Head of Business Development Manager – MENA at Apex Fund Services, said, “We are delighted to have been selected to work with ADFG on this exciting new venture and are proud to play a part in continuing the advancement of the funds industry in MENA. With offices in Abu Dhabi, Dubai and Bahrain, Apex is deeply rooted in the MENA region and we are able to support the launch of new traditional and alternative funds with the backing of our global network of offices and expertise”. Venki Subramanian, Managing Director for Apex Abu Dhabi “Apex Abu Dhabi is proud to be part of the first fund to be launched in ADGM. We will look to build upon our reputation in the region as a trusted partner to both the regulator and the investment managers as more funds follow suit and begin to launch in the jurisdiction”. Read more here.