Fund-Technology.com

Apex Fund Services Ltd opens in Bahrain

Posted: 18 March 2008

The Central Bank of Bahrain (CBB) has granted a licence to Apex Fund Services Ltd to establish operations in Bahrain. Apex is a provider of fund administration and related services to offshore funds and companies.

The Bahrain office will be regulated by the CBB and will be able to provide daily, weekly and monthly valuations to traditional funds, hedge funds and private equity funds and will have the ability to accept Arabic subscription and redemption documents, as well as offering expertise in Shari'ah compliant products. The ability to provide web-based reporting solutions to fund investors will also raise the bar in terms of the quality of service that Bahrain can deliver as a financial centre.

Peter Hughes, Managing Director of Apex Fund Services in Bermuda, commented: "Bahrain is a leading financial centre in the Middle East, which offers the necessary infrastructure, regulatory framework, and cost effective environment needed for us to continue to provide the highest level of service to our clients across the Gulf region. Having been the first regulated fund administrator in the Dubai, it was only logical for us to expand our presence in the Gulf region by opening an office in Bahrain."

Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Economic Development Board (EDB) of Bahrain: "We are very pleased to welcome such a dynamic and growing business as Apex Fund Services to Bahrain. We are committed to supporting our advancement as a leading regional hub for fund administration.

Apex's decision to locate here is a key endorsement of that strategy." Apex Fund Services (Bahrain) WLL is due to begin operations in Manama in January 2008 under the leadership of Craig Roberts, Managing Director of Apex Dubai and Nicolas Angio, who joins Apex from Bisys Hedge Fund Services.

Headquartered in Hamilton, Bermuda and established in 2003, with US$5.5bn of assets under administration and 9 offices in multiple jurisdictions.

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