(MENAFN- Khaleej Times)
PGIM, the investment management arm of US insurer Prudential Financial, has opened an office in Abu Dhabi, it said on Thursday, joining a slew of money managers coming to the United Arab Emirates capital to tap a growing pool of wealthy clients.
PGIM, which had $1.33 trillion in assets under management as of June-end, obtained a financial Services Permission (FSP) to operate in Abu Dhabi's financial centre ADGM, where it will cater to regional institutional and professional clients.
Asset managers, banks, hedge funds and family offices have increased their presence in the UAE in recent years, driven by a post-pandemic economic rebound.
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In Abu Dhabi - where state funds ADIA, Mubadala and ADQ manage $1.54 trillion in assets, per sovereign wealth fund tracker Global SWF -- some of the big names include the billionaire founder of hedge fund Bridgewater Associates, Ray Dalio, who opened a branch of his family office last year, and peers Brevan Howard.
The emirate also lured banks such as Goldman Sachs and Rothschild, which have traditionally favoured neighbouring Dubai as their regional hub but are now setting up smaller offices in Abu Dhabi and Riyadh.
Company registrations at ADGM surged 31 per cent in the first half of 2024 compared with a year earlier, while assets under management soared by 226 per cent, the financial centre said. Morgan Stanley was among the asset managers that received an FSP in the period.
PGIM said it has served clients in the Middle East "for many years", but Abu Dhabi would be its first office in the region.
"Abu Dhabi remains a key market," its Middle East head Mohammed Abdulmalek said.
The firm said it has over 1,400 employees globally, spread across 41 countries, without disclosing the number of staff it plans to employ in Abu Dhabi.
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