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The UAE Securities and Commodities Authority (ESCA) in Abu Dhabi has granted Apex Fund Services (Abu Dhabi) Ltd a licence to provide fund administration services under the ESCA’s new regulations.
The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalises the transfer of responsibility of regulatory supervision from the UAE Central Bank to ESCA.
Each local fund is now required to appoint an investment manager, an administrative services company, a custodian and an external auditor. Apex is the first administrator in the region to receive a licence under the new
Aurora Resurgence, an affiliate of private equity firm Aurora Capital Group, has completed the acquisition of Paris-based Arc International Cookware from the Arc International Group.
The deal includes Arc International Cookware’s subsidiaries Arc International Cookware Spain & Portugal, Arc International Cookware Srl and Arc International Cookware Ltd.
The company will be re-named International Cookware as part of the corporate carve-out, effective immediately. Financial terms of the transaction have not been disclosed.
International Cookware, which operates as an autonomous subsidiary, specialises in the design, manufacture and distribution of multi-material cookware products. It holds the exclusive license for the distribution of
Lazard Asset Management (LAM) is expanding in the Middle East with a Dubai office.
The firm has hired senior professionals, who will provide investment solutions to clients in the Middle East.
Farah Foustok will serve as a managing director of LAM and senior executive officer of LAM’s new Dubai office.
Fadi Al Said, director and portfolio manager/analyst at LAM, will lead a five-person investment team that will manage MENA and frontier markets equity strategies for local and global clients.
"We have significant client relationships in the Middle East that have been established over many years, and this
A fund managed by Ashmore Colombia has acquired an 85 per cent interest in Compañía de Desarollo Aeropuerto Eldorado (Codad), the concessionaire of the two runways at El Dorado Airport in Bogotá.
The runways have been acquired from Abertis Infraestructuras for a total consideration of COP132bn (approximately USD66m).
Codad was incorporated in 1995 to execute the concession contract for the construction of the second runway at El Dorado Airport and to perform maintenance on both of El Dorado’s runways. El Dorado is Colombia’s largest airport carrying the third highest number of passengers in Latin America, with 22.5 million passengers
Former UK science minister Ian Taylor has been appointed as the chair of the advisory board of venture capital firm Midven’s Rainbow Seed Fund (RSF).
Taylor (pictured) was a member of the UK Parliament for 23 years until he stood down in 2010, including serving as science minister from 1994 to 1997.
He is now executive chairman of LivingPlanIT SA which is working with the Technology Strategy Board to encourage smaller companies to access the Internet of Things. He also chairs the National Space Academy Steering Group.
Taylor is a strategy adviser to the ESA director-general. He is a
Elysian Capital I has acquired, in conjunction with the company’s management, Wellbeing Software Group, an IT group focused on the provision of software solutions and services to hospitals throughout the UK.
The group is formed of three distinct business units, HSS, EuroKing and Apollo, of which HSS is the largest.
HSS, based in Mansfield, supplies radiology software (RIS) into secondary care (hospital trusts). The software is at the core of the radiology department, holding patient information; appointment scheduling; radiology history (e.g. MRI, X Ray or Ultra Sound); as well as providing the functionality and history for the diagnosis, consultants
By Fiona Le Poidevin – The implementation of AIFMD provides increased reasons to (re)domicile or co-domicile funds in the third country of Guernsey, says Fiona Le Poidevin, Chief Executive of Guernsey Finance.
In October, the Alternative Investment Management Association (AIMA), together with EY, published the results of a survey which showed the inconsistency in approach from national regulators in how they are implementing the Alternative Investment Fund Managers Directive (AIFMD).[i]
It followed a previous AIMA and EY report published in late July last year which showed that only 12 out of 31 European Union (EU) and European Economic Area
Verint Systems has completed its acquisition of KANA Software, a portfolio company of Accel-KKR, for USD514.2m in cash.
"Accel-KKR was an extraordinary partner to the KANA management team following the acquisition that brought the company private in December 2009," says Mark Duffell, KANA's CEO. "Accel-KKR did what they said they were going to do including supporting our efforts through investments to grow the company both organically and through targeted strategic acquisitions. Through our partnership, we were able to create a market leader in the growing customer service software market."
"We are very pleased with the results of our investment in KANA,
Private equity house Key Capital Partners (KCP) has sold food manufacturer TSC Foods to Edward Billington and Son Limited.
Scunthorpe-based TSC Foods, which was founded in 1991, produces and supplies chilled and frozen sauces, soups, entrees and dressings to the retail and food service markets.
The business developed the Glorious! soup range, which is sold in Morrisons, Asda and Sainsbury’s supermarkets, as well as the Co-op and Ocado.
The Billington Group is headquartered in Liverpool and is one of the UK’s largest family owned businesses. The group has over 150 years’ of trading experience with operations across the
Website building platform BaseKit has secured a further GBP4.5m funding from the Angel CoFund backed by the British Business Bank, alongside existing investment from Eden Ventures, NESTA and Nauta Capital.
The additional funding follows a previous investment of GBP10m.
George Whitehead, chairman of the Angel CoFund, says: “We are very impressed with what BaseKit has achieved and also its potential for the future. Our goal is to provide cash for high-growth UK businesses – and BaseKit’s company vision, ability to execute and current momentum classify it is as exactly the kind of business we like to invest in.”
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