Apex Fund Services, among the world’s largest independent global fund administration businesses, recently opened an office in the Cayman Islands. Apex provides fund managers with access to key financial centres worldwide and its full suite of administration services, including real-time middle office service and range of fund platforms. CFR spoke with Group Managing Director Peter Hughes about Apex’s business in the Middle East.
Since his Highness Sheikh Sabah
Al-Ahmad Al-Sabah was sworn into office in 2006 as the Emir of the State of
Kuwait, he repeatedly expressed his vision and wish of transforming Kuwait into
a financial centre.
The Arab countries
comprising the Middle East and North Africa – often referred to as the MENA
region – have seen lately series of revolutions in efforts to fight corruption,
maintain proper governance and implement political and economic reforms.
On any given evening, one just needs to take a stroll along the Dubai Creek to
see the dhows that carry goods to and from as far away destinations as India
and East Africa just as they did 100 years ago.
Individuals and
companies based in the MENA region did not escape investment losses during the
global financial crisis. As a result of
recent turmoil, many families in the Middle East that have traditionally
maintained proprietary wealth are turning to structures that include trusts to
address succession planning and asset protection concerns.
In the post-global financial crisis world, investors are demanding more rigorous regulation to protect their interests. However, at the same time, investors don’t want regulations that put managers in a straightjacket or weigh funds down with overly burdensome compliance requirements or costs.
Given the political nature of any
government decision, many may not fully appreciate the need for having a Middle
East presence and being proactive to bring inward investment to our Islands.