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A slew of family offices, hedge funds, and investors revealed plans to set up shop in ADGM during ADFW, continuing a growing trend of global asset managers and hedge funds setting up shop in the financial center, attracted by strong regional demand and favorable incentives like streamlined licensing processes.
REMEMBER- ADGM saw a 31% y-o-y increase in new company registrations in 1H 2024, issuing 1.3k new licenses.
NEW ADDITIONS TO ADGM-
#1- Raj Kumar and his son Kishin RK, two of Singapore’s key players in the real estate sector, are establishing a family office in Abu Dhabi as they seek to expand their investments in the UAE and the broader Middle East, Bloomberg reports. The new venture, called RB Family Office, will be based in ADGM and will target real estate investments in the retail, commercial, and hospitality sectors. The family has an estimated net worth of nearly USD 3.2 bn. The duo chose Abu Dhabi for its strategic location and internationally recognized legal framework, Kishin explained.
#2- General Atlantic has also set up shop in Abu Dhabi, as it looks to fuel its growth in the Mena region, according to an ADGM statement. The US private equity firm recently invested USD 100 mn in Dubai and Riyadh-based eyewear retailer Eyewa, following an undisclosed investment the preceding May.
#3- PGIM, the investment arm of Prudential Financial, is mulling an investment framework of up to USD 250 mn as part of a partnership with the Abu Dhabi Investment Office that will see it set up an innovation center in Abu Dhabi, Wam reports. The innovation lab comes as part of PGIM’s RealAssetX program, and will see it work on research, development and investment in technology to accelerate advancements in the real asset industry. The asset manager — which has USD 1.3 tn in assets — launched its first regional office in ADGM in September.
#4- Blockchain firm Chainlinks Labs expanded into Abu Dhabi by opening an office in ADGM, aiming to establish partnerships with financial institutions in the region, according to an ADGM statement. The software developer performs operations in onchain finance, verifiable data, and cross-chain interoperability.
#5- India-focused Cohesion Asset Management received financial services permission to open its own ADGM office, according to a press release. The asset manager has established operations in India for the last four years, specializing in equity investments.
NOT JUST COMPANIES-
More executives are leaving their original posts to join Abu Dhabi-based investment firms, with the latest being Canada Pension Plan Investment Board’s Asia private equity head Frank Su, who will become global head of private equity at Abu Dhabi Pension Fund, Bloomberg reports, citing people familiar with the matter. Su was at the Canada fund for 11 years, and left his post in Hong Kong amid a slump in dealmaking activity.
OTHER INVESTORS SETTING UP SHOP IN ADGM THIS PAST YEAR-
- Polen Capital, a US-based asset manager managing USD 63 bn in assets as of 30 September 30, received preliminary approval from ADGM this week to establish its office;
- Golub Capital, managing USD 70 bn in assets as of 1 October, also announced its preliminary approval to set up an office in the financial hub this week;
- Gridserve founders introduced Gigatons, a UAE-based platform headquartered in ADGM this week, aimed at accelerating the global transition to net-zero emissions
- BlackRock, the world’s largest asset manager with USD 11.5 tn in assets, secured a commercial license in Abu Dhabi last month and is now pursuing regulatory approval to operate in ADGM;
- European investment firm Investindustrial — with backing from Mubadala Capital and Alpha Wave Global JV, Abu Dhabi Catalyst Partners — revealed plans to establish a presence in Abu Dhabi’s financial center;
- Marshall Wace also recently expanded to ADGM;
- London-based Copper Securities received the go-ahead from the Financial Services Regulatory Authority to facilitate institutional crypto asset trading and storage;
