Guernsey-based independent financial services group PraxisIFM has become the first fund administrator to be authorised in the Abu Dhabi Global Market (ADGM) to offer a full suite of fund administration services.

PraxisIFM has been granted a licence to act as an administrator of collective investment funds. Last year, it was authorised to provide trust services in the region and is currently the only authorised trust company in the UAE that is operating from a regulated offshore location.

Praxis Fund Holdings managing director Chris Gambrell said the company had seen a developing interest in the fast-growing Middle East regi...