The move, which remains subject to regulatory approval by the ADGM, would see FundRock ME operate a fully authorised ManCo for qualified investor funds and exempt funds in the ADGM.
According to a press release, FundRock ME will offer services that were previously provided under the LRI Middle East brand. These include management of a collective investment fund, assets, arranging deals in investments and advising on investments or credits. Customers can also benefit from the suite of services offered by parent company Apex Group.
The firm wrote: “FundRock ME plans and coordinates all steps in fund structuring and all the legal and administrative requirements relating to the fund and investors. This new offering includes third-party ManCo services as well as in-depth advice on the opportunities, risks and requirements for designing, setting up and managing a tailored investment fund in the ADGM.”
The business will be led by Senior Executive Officer Faisal Hasan, CFA, and chief risk officer Martin Bond.
Xavier Parain, head of FundRock, said: “The launch of FundRock in the dynamic and fast-growing ADGM jurisdiction further strengthens our strategic intent to represent asset managers across their portfolio, helping them to tackle the complex regulatory requirements of cross-border fund distribution and supporting their asset raising activities.”
FundRock, which is a subsidiary of Apex Group, was formerly known as RBS in Luxembourg and was established in 2004. As of 30 June 2021, it oversaw 460 funds with a total assets under management of €1.13b.