The firm’s announcement follows a number of firms recently setting up shop in Dubai and neighbouring Abu Dhabi, exploiting the rising level of demand for wealth management, for example inter-generational wealth and business transfer advisory work.

Ocorian, a specialist in asset servicing for private and corporate markets as well as fiduciary administration services, has secured a new fund services licence in the Dubai International Financial Centre (DIFC).

Having developed its Regulatory and Compliance offering led by Veena Karuthasen earlier this year, establishing fund services marks a milestone in Ocorian’s strategy to support international and regional asset managers with a full suite of services across the investment lifecycle. 

The new licence enables Ocorian to broaden its offering in the Middle East, complementing its existing private client, corporate and regulatory services with dedicated support for asset managers seeking to establish and grow funds in the region.

Charles Rix has been recruited as head of funds, Dubai to lead the new offering, the firm said in a statement. After spending more than a decade in Dubai and serving in senior management roles in London and the Middle East, Rix brings experience in structuring and supporting investment vehicles.

“Securing our DIFC licence is a pivotal step in expanding our capabilities for asset managers across the Middle East,” Nina Auchoybur, country head for the UAE at Ocorian, said. “Charles’ appointment underlines our commitment to this important market, and his expertise will be instrumental in ensuring clients benefit from tailored, high-quality support as they launch and manage their investment strategies.”

The group offers corporate, fund and private client services across a network of offices spanning the world’s major financial hubs. Locations include Bermuda, BVI, Cayman, Denmark, Finland, Germany, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Luxembourg, Mauritius, the Netherlands, Norway, Singapore, Sweden, the UAE, the UK, and the US.

Ocorian is following a number of firms which have set up shop recently in Dubai and neighbouring Abu Dhabi, exploiting the rising level of demand for wealth management, for example inter-generational wealth and business transfer advisory work. US-headquartered investment manager Brown Advisory, for instance, opened its first office in Abu Dhabi Global Market (ADGM) in May to meet growing regional demand for its global and US equities and fixed income strategies. Hamilton Lane, a private markets investment management firm, also opened its office in the Middle East in February while Rothschild & Co opened a new office in Dubai last November, serving ultra-high net worth families, entrepreneurs, charities and foundations.