By Federico Maccioni
DUBAI (Reuters) – PGIM, the funding administration arm of U.S. insurer Prudential Monetary (NYSE:), has opened an workplace in Abu Dhabi, it mentioned on Thursday, becoming a member of a slew of cash managers coming to the United Arab Emirates capital to faucet a rising pool of rich purchasers.
PGIM, which had $1.33 trillion in property beneath administration as of June-end, obtained a Monetary Providers Permission (FSP) to function in Abu Dhabi’s monetary centre ADGM, the place it would cater to regional institutional {and professional} purchasers.
Asset managers, banks, hedge funds and household places of work have elevated their presence within the UAE in recent times, pushed by a post-pandemic financial rebound, the UAE’s comparatively impartial political stance, handy time zones and tax-free standing.
In Abu Dhabi — the place state funds ADIA, Mubadala and ADQ handle $1.54 trillion in property, per sovereign wealth fund tracker International SWF — among the massive names embody the billionaire founding father of hedge fund Bridgewater Associates, Ray Dalio, who opened a department of his household workplace final 12 months, and friends Brevan Howard.
The oil-rich emirate additionally lured banks resembling Goldman Sachs and Rothschild, which have historically favoured neighbouring Dubai as their regional hub however at the moment are establishing smaller places of work in Abu Dhabi and Riyadh.
Firm registrations at ADGM surged 31% within the first half of 2024 in contrast with a 12 months earlier, whereas property beneath administration soared by 226%, the monetary centre mentioned. Morgan Stanley was among the many asset managers that acquired an FSP within the interval.
PGIM mentioned it has served purchasers within the Center East “for a few years”, however Abu Dhabi could be its first workplace within the area.
“Abu Dhabi stays a key market,” its Center East head Mohammed Abdulmalek mentioned.
The agency mentioned it has over 1,400 workers globally, unfold throughout 41 international locations, with out disclosing the variety of workers it plans to make use of in Abu Dhabi.