Senior Executive Officer
RoC Capital Management (Dubai) Ltd.
Total years of experience :39 years, 2 Months
Recommended to the principals of RoC to take control and lead the establishment and DFSA authorisation of the firm. RoC has quickly developed an investment style different to its competitors by combining a thematic overview approach with a bottom up asset selection process. The firm was able to on-board and service client mandates quickly and are further developing the service offering by creating an investment fund which will be marketed to third party investors.
• Designated DFSA Senior Executive Officer, accountable for the submission of regulatory, statutory and management financial reporting. Securing the development and regular updating of the Regulatory Business Plan.
• Coordinating and managing all aspects of the DFSA authorisation and on-going regulation.
• Full involvement in the analysis, recommendation, selection and review of service providers utilised by the firm and fund structures.
• Seeking and maintaining best practices and working with the service providers as business partners rather than purely vendor / client relationships, deriving extra value and assisted with the smooth and quick development of the business, thus maintaining service capability within a limited operational structure.
Achievements:
• Established a Category 3c Dubai Financial Services Authority (“DFSA”) regulated company in the DIFC.
• Secured RoC’s authorisation to conduct to managing assets on a discretionary basis; advise on deals in investments, credit facilities and financial transactions; arrange deals in investments, credit facilities and financial transactions and arrange custody.
• Ensured the company was established and able to quickly service clients on receipt of authorisation to do so, developing the full administrative and operational framework of the company, drawing on experience with similar firms and further developing a strong corporate governance environment. Instigated new operational, trading, risk, regulatory and reporting functionality and processes.
The Dubai office was initially established as a representative office to provide relationship management for Sanne’s Middle Eastern customers. Directly approached to undertake this role with an initial remit to upgrade the firm’s licence to a DFSA Category 4 firm.
• Responsible for the development of a new business line for the Group - Open-ended Fund Administration services.
• Established required processes and procedures that enabled clients to be serviced while at the same time conforming to standards required by the Group regulatory and procedural environment. Business line established to compliment the reputable position the Group had built servicing Real Estate and Private Equity investment vehicles, allowing further development of own technical skills within these specialised asset classes.
• Dubai office acted as a centre of excellence for open-ended funds and providing oversight, training and support to the Group’s staff servicing open-ended fund clients.
• Designated DFSA Senior Executive Officer, accountable for the submission of regulatory, statutory and management financial reporting.
• Developed and regularly updated the Regulatory Business Plan alongside internal Group budget and business plan reporting. Adaptation of Group policies to conform to Middle East practices required for areas such as I.T. and H.R.
Achievements:
• Successfully applied to the DFSA to upgrade the firm’s licence to a Category 4 enabling the office to become fully operational and provide services directly to customers.
• Implemented fund accounting system and in minimum time, cost and disruption, resulting in collateral efficiencies throughout the Group.
• Introduced Sanne to network within the asset management community, enabling the cross-selling of other Sanne core business lines to these customers as well as the development of the open-ended fund service business.
United Investment Bank (“UIB”) was a newly established investment bank, regulated by the DFSA in March 2011. UIB offered 4 distinct lines of business - Investment Banking (including investment advisory, M&A and arranging deals), Asset Management (investment funds, managed accounts and third party asset management & distribution), Custody and Intermediary Trading. UIB was focused on emerging markets utilising the central location of Dubai and the network of myself and colleagues to access opportunities in the GCC, Africa, Latin America and Asia.
• Developed systems and controls to ensure financial, operating and trading businesses could be developed and offered to UIB clients and stakeholders.
• Deputised for the CEO during his absence; member of UIB’s Executive Committee and Investment Committee.
• Designated DFSA Finance Officer solely responsible for the preparation of regulatory, statutory and management financial reporting.
Achievements:
• Fully utilised extensive experience servicing asset management clients to assist UIB in creating unique investment funds in sectors such as trade finance, football and entertainment.
• Developed the Asset Management and Intermediary Trading teams, risk, portfolio management and reporting systems which needed to be developed from inception. Full control and direction over the implementation of Advent and managed the Back Office operations ensuring all transactions were correctly recorded, reported and settled.
• Significant involvement in the other business segments outside of CFO responsibilities and often used to develop business opportunities using own network.
• Involved in evaluating and presenting investment opportunities for the Investment Banking team (real estate / agribusiness projects, business financing).
Apex provides full service fund administration and aims to add value to clients by being fully responsive, understanding of specific client requirements and totally professional. Ensured that staff embody these principles and frequently used the benefits of own experience to solve problems for both clients and Apex, often saving considerable time and expense. Apex has grown substantially globally and regionally. Regional offices established in Bahrain and Abu Dhabi. Role adapted to grow these new offices and oversee their operations. Directed and responsible for all aspects of executing the plan from initial project to the creation of a full service fund administration service provider, involving initial market research, incorporating the company, reviewing regulatory requirements and ensuring all aspects were understood and covered. Retained full responsibility for all corporate, financial, strategic, operational, HR and IT after company establishment.
Achievements:
• Successfully set up the first fund administration company to be approved by the DFSA to operate within the DIFC.
• Generated the business plan and prepared HR, IT and Compliance documentation reviewed by the DFSA prior to approval being granted, personally researched and interpreted completely new regulatory jurisdiction.
• Secured premises, personnel and infrastructure that ensured Apex was operational in the shortest period time possible.
• Acquired new clients and developed strong relationships by offering a quality of service and response that exceeded expectations, including using own previous experience to benefit them which was greatly appreciated by clients.
• Appointed to the board of directors of several client funds ensuring appropriate oversight and corporate governance, along with lending the benefit of expertise in a direct manner to the funds.
• Apex Dubai’s service and reputation recognised by the receipt of several industry awards. Regularly included within a group of professionals identified as the 40 “Most Influential” people within the MENA fund industry by the MENA Fund Manager magazine since its publication in 2010.
• Appointed to the DFSA Market Practitioners Panel which was established to review the DFSA’s Collective Investment Funds regime and other pertinent asset management industry issues. The report produced was extremely well received by other practitioners and the regulatory body implemented the main recommendations of the panel.
• Contributed regularly to several industry publications and been asked to participate in conference presentations and panels from time to time.
Hamilton, Bermuda
Hamilton, Bermuda
Other Information: Member of New Zealand Institute of Chartered Accountants:
1989 - 1990: Securities Industry Certificate Examination - Regulation & Compliance - Bond and Fixed Income Markets
1981 - 1983: Bachelor of Commerce & Administration: Accountancy and Economics
1976 - 1980: Hutt Valley Memorial College Lower Hutt, New Zealand