Apex Group (Apex), a global financial services provider, has been appointed to provide fund administration to the USD200 million “Financing Opportunities Fund” of SHUAA Capital (SHUAA), an asset management and investment banking platform in the UAE. The fund is targeting special situations in the GCC and has already attracted a total of USD68 million in commitments from investors.
Apex’s experienced team will deliver a full suite of fund administration services to SHUAA including financial reporting, investor communication, capital transactions and accounting support. Fund administration is at the core of Apex’s offering, providing clients with timely, accurate and independent fund administration services underpinned by innovative technology and highly qualified personnel with deep local expertise.
Apex’s fully integrated global fund administration system and high-speed, real-time processing enables the delivery of accurate financial information, multi-currency transaction processing and flexible investor reporting.
This announcement marks the further expansion of Apex’s existing relationship with SHUAA who earlier this month, announced the launch of three Sharia-compliant funds in Abu Dhabi Global Market (ADGM) that already secured USD 75 million of commitments and also administered by Apex.
Glyn Gibbs, Regional Head of Business Development, MENA at Apex Group says: “We are delighted to further expand and strengthen our relationship with SHUAA and to provide administration services to their new fund. SHUAA appointed Apex in recognition of our local expertise, and our flexible and bespoke approach to meet the specific requirements for this fund. Recent pioneering fund launches have positioned SHUAA at the forefront of the development of the Abu Dhabi Global Market and we look forward to providing innovative and scalable solutions to these funds.”
Natasha Hannoun, Head of Investment Solutions at SHUAA Capital, adds: “We were impressed by Apex’s experience in the private credit markets and are pleased to appoint them to administer our latest fund. In the current climate of uncertainty and disruption in the global markets, Apex’s appointment helps to ensure that we provide our investors with efficient fund administration to complement the attractive investment proposition, and is testament to the outstanding levels of local expertise and service in evidence to date.”
