International law firm Simmons & Simmons has advised a DFSA regulated asset management firm Aditum Investment Management Limited on the launch of an innovative Fund Platform based in the Dubai International Financial Centre (DIFC).
The establishment of the Fund Platform, for which the application has been approved by the Dubai Financial Services Authority (DFSA), marks a major milestone as the first operational Fund Platform domiciled in the DIFC - the leading financial services centre in the MEASA region.
The formation of the Fund Platform follows recent reforms in the UAE which place limits on the promotion of foreign funds to local retail investors in onshore UAE.
Developed in response to the reforms, the Aditum platform represents an effective and cost-efficient solution for international funds and the asset management industry to continue accessing the UAE market, particularly retail investors via regional advisory firms, banks and custodians. Under the platform, international asset managers will be able to establish DIFC-domiciled funds, managed by Aditum as a local third-party fund manager.
The Fund Platform, Aditum Global Access ICC Ltd, has been established as an Incorporated Cell Company (ICC) in the DIFC, under which 10 investments funds have already been approved. These funds encompass a wide range of asset classes (e.g., equities, fixed income, multi-asset class) and include both conventional and Shariah-compliant funds. They are sponsored by either Aditum or foreign asset managers leveraging the Fund Platform structure to gain entry into the UAE market.
The Simmons team was led by Muneer Khan, Partner and Middle East Regional Head, and included Managing Associate Sami Ben Dechiche and Supervising Associate Anne-Sophie Rolland.
Commenting on the team's support for Aditum, Muneer Khan said: "We're very pleased to have been able to bring our expertise to advise Aditum on establishing the first operational Fund Platform in the DIFC. This innovative platform will play a central role in ensuring that international funds continue to have access to UAE investors."
