Mubasher: London-based regulatory hosting provider Capricorn Fund Managers has set up a new option for investment managers seeking regulatory authorisation in Dubai International Financial Centre (DIFC), becoming the first dedicated investment management regulatory hosting solution in DIFC.
The UK entity launched Capricorn Fund Managers (DIFC) Limited (CFMD) platform as an Incorporated Cell Company (ICC) regulated by the Dubai Financial Services Authority (DFSA), according to a press release.
This move will allow investment managers to operate under CFMD’s regulatory umbrella to run their funds from DIFC. Moreover, the platform accepts new and established investment managers from various strategies such as hedge funds, long only, real estate, private equity, and venture capital (VC).
As investment managers operating in DIFC have required their licence from the DFSA, the new CFMD platform adds a new option working closely with both DFSA and DIFC to guarantee that each manager is fully compliant and with the right systems and controls in place.
DIFC is currently home to more than 400 wealth and asset management firms, of which over 60 are hedge funds, managing nearly $700 billion.
CFMD is authorised for the provision of arranging deals in investments, advising on financial products, arranging custody, and managing collective investment funds and assets, as well as arranging credit and advising on credit.
Chief Business Development Officer at DIFC, Salmaan Jaffery, added: “Through Capricorn’s hosting solution, we are adding a new route for managers to get licensed and operational in Dubai.”
Jaffery added: “This is an exciting time for our fund management sector, which continues to go from strength to strength, and we have a long pipeline of managers looking at Dubai. A combination of our infrastructure, investors, strong regulatory regime, ambition and lifestyle opportunities makes Dubai a highly attractive fund hub.”
DIFC recently witnessed the opening of Investec office to endorse its presence in the region.
