Pacific Asset Management secures SCA licence in the UAE
Pacific Asset Management recently joined an exclusive list of non-UAE based asset managers, by successfully obtaining approval for the registration of its Multi-Asset Accumulator range of funds in the United Arab Emirates (UAE).
As reported in International Adviser on the 27th February 2018, this registration allows for the funds’ promotion through an association with a locally registered private bank.
Historically the promotion of foreign securities in the UAE focused mainly on those that were locally listed. However, following the introduction of the Mutual Funds Regulations (MFRs) in August 2016 and the Promoting and Introducing Regulations (PIRs) in February 2017, for the first time foreign asset managers were able to register their non-UAE domiciled funds for promotion by locally approved distributors in onshore UAE.
Matthew Lamb, CEO of PAM commented “There has been some uncertainty in the market as to whether the Securities and Commodities Authority (SCA) would require underlying funds sold via unit linked products to be registered with the authority. However, we have always believed that regulation is not just about the letter of the law but the spirit of the law too. As such and in anticipation of further regulation in relation to these products and to benefit from the new registration regulations, Pacific Asset Management submitted an application to register its Irish UCITS multi-asset fund range with the SCA in early September 2017 and obtained approval to distribute the funds from November 2017 via our association with a locally registered private bank. As a result, whilst early days, through a combination of this raised local profile and our marketing efforts, we have seen a significant pickup in interest in the region for our locally registered, modern cost efficient multi-asset solutions.”
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