Simmons on first operational fund platform in DIFC

Simmons & Simmons advised Aditum Investment Management, a DFSA regulated asset management firm, on the launch of the first operational fund platform based in the Dubai International Financial Centre (DIFC).

Its launching follows recent reforms in the UAE. These restrict the promotion of foreign funds to local retail investors in the onshore UAE.

Using the fund platform, international asset managers will be able to establish DIFC domiciled funds managed by Aditum as a local third party fund manager.

The fund platform, Aditum Global Access ICC, has been established as an Incorporated Cell Company (ICC) in the DIFC, under which 10 investment funds have already been authorised. These cover a wide range of asset classes (e.g., equities, fixed income, multi-asset class) and include both conventional and Shariah-compliant funds. Using it, international asset managers will be able to establish DIFC domiciled funds managed by Aditum as a local third party fund manager.

Partner and Middle East regional head Muneer Khan (pictured) led Simmons & Simmons team, which included managing associate Sami Ben Dechiche and supervising associate Anne-Sophie Rolland.