Bermuda-based asset servicer, Apex Group, has bolstered its presence in the Mena market after acquiring Praesidium Advisory, a risk and advisory firm based in the UAE.
The purchase follows Apex’s decision to expand its subsidiary Throgmorton Compliance Solutions by opening an office in the UAE.
The move also expands Apex’s product offering, adding a range of compliance services including anti-money laundering outsourcing, fintech advisory and compliance technology.
“The addition of business-focused compliance including tailored fund and fund manager related compliance, will enable our clients to gain market access more quickly,” said Matt Claxton, global head of corporate solutions at Apex Group.
“The team’s experience and strong foothold across the Dubai International Finance Centre [DIFC] reinforce our ability to deliver local solutions on a global scale, helping our clients to maintain the highest standards of compliance.”
Praesidium founder, Hari Bhambra, will become the global head of compliance solutions at Apex.
“Compliance remains an integral part of financial services and as part of the global Apex Group our solution, supported by our proprietary compliance technology, will deliver an important element of the single-source solution that enhances our clients’ operations,” said Bhambra.
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