Abu Dhabi Investment Company, known as Invest AD, has launched the first investment fund manager under the Securities and Commodities Authority (SCA)’s new regulations.
Invest AD Global Asset Manager is in the process of launching investment products in alternative asset classes and equities, in partnership with leading global asset managers.
Abu Dhabi’s new investment fund manager
“With Abu Dhabi Investment Company’s track record spanning over 45 years, we believe that Invest AD Global Asset Manager is well-positioned to meet the growing demand for superior investment solutions in the region,” said Mohammad Behzad Saleemi, Chief Executive Officer of Abu Dhabi Investment Company.
The new investment fund manager aims to provide investors in the UAE with access to investment solutions that are specifically tailored to their needs. It will also invest seed capital in its products, providing them with additional comfort, the company said in a statement on Monday.
“As a wholly owned subsidiary of Mubadala, the Abu Dhabi sovereign investor, we are pleased to be launching the first Investment Fund manager following the SCA’s new regulations,” added Saleemi.
“The SCA’s new regulations are designed to revitalise the asset management industry in the UAE, and we are committed to playing a leading role in this effort through our new asset manager,” he added.
SCA new regulations for foreign funds
Earlier this year, the SCA issued new regulations governing the market of foreign funds in the UAE. The new regulations which went into effect on February 1, are as follows:
- Foreign funds can only be marketed in the UAE mainland if they are authorized by the SCA.
- Foreign fund managers must appoint a representative in the UAE who is responsible for complying with the new regulations.
- The marketing of foreign funds must be conducted in a fair, balanced, and accurate manner.
- Foreign fund managers must provide investors with clear and concise information about the risks and charges associated with the fund.
- Foreign fund managers must comply with the UAE’s anti-money laundering and counter-terrorism financing (AML/CTF) regulations.
The new regulations are a significant development for the asset management industry in the UAE. They are expected to attract more foreign funds to the market and to help to protect investors.
In addition to the new regulations on the marketing of foreign funds, the SCA has also issued new rules governing the establishment and operation of investment funds in the UAE mainland.
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