The Central Bank of Bahrain has granted a licence to Bermuda-based Apex Fund Services to establish operations in the Gulf emirate, which would be its second presence in the Gulf region, just weeks after the fund administrator announced the establishment of a subsidiary in Malta.

Apex is a privately-owned provider of fund administration and related services to offshore funds and companies. Established in Hamilton, Bermuda in 2003, it has $5.5bn in assets under administration and 60 staff in nine offices worldwide.

“Bahrain is a leading financial centre in the Middle East, which offers the necessary infrastructure, regulatory framework, and cost-effective environment needed for us to continue to provide the highest level of service to our clients across the Gulf region,” says Peter Hughes, managing director of Apex Fund Services in Bermuda.