Blitz Bureau
PGIM, the global asset management business of Prudential Financial, has opened an office in Abu Dhabi on September 12, 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 postpandemic economic rebound, the UAE’s relatively neutral political stance, convenient time zones and tax-free status.
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 oil-rich 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% in the first half of 2024 compared with a year earlier, while assets under management soared by 226%, 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.
