The latest compliance news: regulatory developments, punishments, guidance, permissions, new product and service offerings.

Cayman Islands Monetary Authority, IQ-EQ
The Cayman Islands Monetary Authority has granted investor services group IQ-EQ a license to offer trust services.

The license will allow the firm’s Cayman Islands team to assist with managing a range of commercial and private client trust structures for ultra-high net worth families, family offices and corporations. 

“Thanks to this new license being granted by CIMA, we’re able to offer our clients an extensive suite of trust services designed to meet their growing needs across different industry segments and asset classes. Our trust solutions can help clients manage rapidly shifting regulatory changes amid the evolving economic and geopolitical landscape,” Cory Thackeray, head of Caribbean, IQ-EQ, said.

IQ-EQ, which employs a total of more than 5,500 people in 25 jurisdictions, administers more than $750 billion of assets.

PGIM
PGIM, the $1.33 trillion global investment management business of US-listed Prudential Financial, has secured what is called “Financial Services Permission” to operate in Abu Dhabi Global Market. The business has also opened a new office in Abu Dhabi.

Mohammed Abdulmalek has been appointed as head of the Middle East for PGIM and chairman of the newly established local entity, PGIM said in a statement earlier this week.

The firm offers active management and advisory services across private and public markets and already operates from 41 offices in 19 countries.

“Their role in driving growth and innovation in the region will strengthen ADGM’s position as a global financial powerhouse,” Arvind Ramamurthy, chief of market development at ADGM, said.

PGIM has also named Emira Socorro as senior executive officer, heading the Abu Dhabi office; Socorro is also a member of the board of the local entity. With over 25 years of experience in asset management and investment banking across the US, Europe, Asia, and the Middle East, Emira has held senior positions at J.P. Morgan Chase and Arcapita. Additionally, she has led a private advisory practice that connected Gulf Cooperation Council family offices with Islamically compliant real estate investment opportunities in the US and Europe, while also advising GCC family offices on their investment portfolios.