eFinancialCareers

Dubai is a new hot spot for private equity fund accountants, as the front office booms and admin firms set up shop in the region.

With private equity giants like Dubai International Capital, Abu Dhabi Investment Authority and US firm Carlyle Group in the emirate, the administrators are going where the business is.

Though big private equity administrator Ipes has yet to open an office in Dubai, Maples Finance, Mourant and now UK-based Augentius all have a presence.

JP Harrop, a managing partner of Augentius, said at a round table hosted by Private Equity News: “We have to be where the private equity firms need a presence; that means having a global presence in the right jurisdictions.”

He added that the private equity fund accounting role is becoming increasingly complex: “It’s beyond simply doing quarterly accounts, drawdown and distribution notices and the audit process; it’s dealing with the cash management and the treasury side, the tax reporting and the complex investor appetite for information.”

Nick Careless, managing director of AP Executive, which has been recruiting for both front-office private equity posts and administration roles in the region, says: “A number of qualified and experienced professionals who have cut their teeth in jurisdictions such as the UK, Canada, Ireland, the Cayman Islands and Bermuda are now showing a keen interest in moving to the DIFC.”

Matt Wood, business development manager at Mourant, adds: “It’s a tight labour market for qualified accountants who understand the work we’re doing.”

A newly qualified fund accountant from one of the Big Four firms can expect to command £50k in Dubai, which is obviously tax free. Meanwhile, Careless says a fund accountant with five to seven years' experience earning $130k in the Cayman Islands can expect a mark-up of 60% after moving to Dubai.

He says: “Dubai is rolling out the red carpet to attract talent. For a qualified accounting professional working in, say, the Cayman Islands, with its restrictive work permit situation and term limits imposed on length of contract, Dubai’s offer of highly competitive compensation and benefits packages is a very attractive proposition.”