WEDNESDAY, MAY 9: Bermuda is making headway in the Middle East and North African region as a service provider to international business.
MENA Fund Managers magazine named Fawaz Elmalki, Cheryl Packwood and Nicolas Angio have been named as ‘Industry Leaders’ in a magazine’s Power 50 list.
The magazine said the Power 50 list “pays tribute to the service providers of the fund industry who have weathered launch delays, fund closures, market volatility and company restructures over the course of one of Mena’s toughest years.
“Nonetheless, the companies and individuals named in this list have kept a competitive edge throughout – expanding their businesses and exploring new niches in their behind-the-scenes efforts to support and develop the industry.
“All names on the list were collated from nominations made by industry professionals over the past few months. We have grouped together firms within similar industries, and singled out a number of key people who have really made their mark on the industry. A few firms have been identified as ‘rising stars’ due to their new or renewed commitment to the region.
“If the names on this list are not already familiar to you, they soon will be.”
Both Mr Elmalki and Ms Packwood said they were pleased to be on the list.
In describing Mr Elmalki, it said: “At the head of international law firm Conyers Dill & Pearman’s MENA business, Elmalki is a popular figure in the fund industry and has a range of specialties including private equity funds, real estate funds, infrastructure funds, hedge funds and Shariah-compliant funds.
“He has been with Conyers’ Dubai office since 2007 and was previously based in Bermuda, a place he retains close links with through his association with Business Bermuda.
Mr Elmalki, a director at Conyers Dill & Pearman, told the Bermuda Sun: “I’m very pleased to be on the list because Conyers advised on many complex transactions in Dubai over the past year. We have a strong commitment to the region. We had a very strong year advising to some of the world’s leading investment managers on Bermuda funds.
“The appetite for risk and better returns are continuing to increase in the MENA region.
“Over the last decade there’s been tremendous changes in the asset management in the MENA region. Assets under management by MENA fund managers have increased substantially, and that’s thanks to high oil prices, liquidity in the region, improvement of the regulatory framework, and the development of financial centres such as the Dubai International Financial Centre.”
MENA describes Ms Packwood as “one of the most recognisable offshore representatives, promoting Bermuda as a domicile at home and abroad.
“With a visible presence at conferences and events, and associations with respected MENA firms such as Conyers Dill & Pearman, she has blazed a trail for other domiciles looking to expand their international business.
“Business Bermuda is a non-profit business organization of Bermuda-resident service providers and international businesses which provide quality banking, insurance, reinsurance, legal, accounting, financial, infrastructure, e-business, trust and management services, and products.”
Ms Packwood said: “I am delighted to have been named as an Industry Leader in the MENA Fund Management Power 50.
“Bermuda focused on building strong ties within the MENA region in recent years, attending and hosting conferences, signing a Double Taxation Agreement with the Kingdom of Bahrain.
“Bermuda has historically been renowned internationally for its world class standards of regulation, something which has stood us in great stead in our ambition to become the Western hub for Islamic Finance.”
In his listing, Mr Angio gets credit for ‘making his mark on the industry, reinforcing Apex’s existing reputation in the region and building the business despite a tough market environment which has seen launch activity stall. The firm is preparing to launch its first office in Abu Dhabi and in October, Angio told Mena FM about his plans to make Apex the first administrator in Saudi Arabia, pending regulatory approval.