Apex takes over UAE-based risk advisory firm Praesidium

Financial services provider Apex Group has purchased UAE-based compliance and risk advisory firm Praesidium Advisory.

Financial terms of the deal were not shared.

The deal is said strengthen Apex’s corporate solutions business after the expansion of its Throgmorton unit into the UAE.

Praesidium has now been merged into Apex’s compliance unit.

The consolidation will add clients across DIFC, ADGM, Singapore, London, US, and Switzerland.

These clients are asset managers, family offices, law firms, government entities, and financial institutions, among others.

Apex Group global head of Corporate Solutions Matt Claxton said: “The addition of business focused compliance including tailored fund and fund manager related compliance, will enable our clients to gain market access more quickly.

“The team’s experience and strong foothold across the DIFC reinforce our ability to deliver local solutions on a global scale, helping our clients to maintain the highest standards of compliance.”

Praesidium has been catering to clients in the DIFC for several years. 

Apex is the first administrator in the DIFC in 2006. In 2017, the firm became the first to secure approval and licensing from the FSRA of AGDM in 2017.

In 2020, the firm made several moves to deepen its position in the corporate solutions space.

It expanded Throgmorton’s accounting, tax, HR, payroll and company secretarial services into the US, Abu Dhabi, Switzerland and Jersey.

It also introduced Escrow services in the Americas along with corporate solutions services in Hong Kong.  

The latest acquisition enhances Apex’s compliance services suite.

It offers Apex anti-money laundering outsourcing, compliance technology, fintech advisory, client assets compliance, and private placement compliance capabilities.

As part of the deal, Praesidium founder Hari Bhambra and newly named global head of compliance solutions at Apex Group.

Other moves

In May this year, Apex collaborated with BITE Investments to offer enhanced solutions to the Asian asset management market.

This March, Apex launched a new digital bank and onboarding platform for asset management space through its subsidiary European Depositary Bank (EDB).

Last year, Apex acquired Atlantic Fund Services, and Beacon Fund Services.