PGIM, the investment management arm of US-based Prudential Financial, has opened an office in Abu Dhabi. This move adds to the growing number of money managers expanding into the UAE capital to target its increasing number of wealthy clients.
As of June, PGIM managed $1.33T in assets and has obtained a Financial Services Permission (FSP) to operate in Abu Dhabi Global Market (ADGM). The new office will focus on regional institutional and professional clients.
Recent years have seen asset managers, banks, hedge funds, and family offices increase their presence in the UAE, driven by economic recovery, the country’s neutral political stance, favourable time zones, and tax-free environment.
Abu Dhabi, home to state funds ADIA, Mubadala, and ADQ with $1.54T in assets, has attracted notable names like Ray Dalio of Bridgewater Associates, who established a family office there last year, and Brevan Howard. Banks such as Goldman Sachs and Rothschild, traditionally based in Dubai, are now also setting up smaller offices in Abu Dhabi and Riyadh.
Company registrations at ADGM rose by 31% in the first half of 2024 from the previous year, while assets under management jumped by 226%. Morgan Stanley was among those granted an FSP during this period.
PGIM, which has served clients in the Middle East for years, is now opening its first regional office in Abu Dhabi. Mohammed Abdulmalek, PGIM’s Middle East head, highlighted Abu Dhabi’s significance as a key market. The firm has over 1,400 employees globally across 41 countries but did not disclose the number of staff for the Abu Dhabi office.