PraxisIFM Makes Pioneering Move Into Middle East Market

Guernsey-based independent financial services group PraxisIFM has become the first fund administrator to be authorised in Abu Dhabi Global Market (ADGM) to offer a full suite of fund administration services.

PraxisIFM 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 is currently the only authorised trust company in the UAE that is operating from a regulated offshore location.

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.

Praxis Fund Holdings Managing Director Chris Gambrell said the company had seen a developing interest in the fast-growing Middle East region from its existing fund clients.