The latest mergers, acquisitions and other corporate actions in the wealth management sector.

ACA Group, Effecta
In a move to broaden its global footprint, ACA Group has acquired the Effecta Compliance Group, a regulatory consultancy practice that supports financial services firms throughout the UK and the UAE. The financial terms were not disclosed.

ACA Group provides governance, risk, and compliance (GRC) solutions to clients in the financial services industry. The acquisition initiates ACA’s presence in the Middle East and equips ACA to meet the growing governance, risk, and compliance needs of its expanding number of international clients, or those already present in the UAE. The acquisition also broadens ACA’s service offering to UK firms as they navigate compliance requirements, the firm said in a statement. 

Recent data shows an increase in the number of international firms expanding into the UAE. In 2023, the Dubai Financial Services Authority (DFSA) saw a record-breaking 157 applications, marking a 45 per cent increase compared with the prior year and the highest number of submissions in this five-year period. As of the end of June 2024, the number of licences issued by Abu Dhabi Global Market (ADGM) indicated a 20 per cent increase compared with the prior year. This trend reflects the growing importance of the region as a global financial hub, driven by the legal, tax, and regulatory environment through its financial free zones, specifically the Dubai International Financial Centre (DIFC) and ADGM. See more commentary here and here.

This latest transaction will introduce current Effecta clients to ACA’s advisory support, managed services, and technology. ACA now has 10 offices globally, including offices in the DIFC in Dubai and ADGM in Abu Dhabi, its headquarters in New York City, the US, as well as London, Malta, and Pune.

Clare Curtis, founder of the Effecta Compliance Group, will oversee ACA’s capabilities in the UAE under the ACA Effecta brand. She has more than 20 years of experience in regulatory compliance for financial services firms in the UK and the Middle East, working with investment banks, asset managers, corporate finance, broker-dealers, and exchanges. 

“The acquisition of Effecta significantly enhances our ability to support clients as they look to launch, grow, and protect their presence in the rapidly-developing financial centres of the UAE,” said Patrick Olson, chief executive officer of ACA, said.