ABU DHABI (ALETIHAD)
PGIM, the investment management arm of US insurer Prudential Financial, has opened an office in Abu Dhabi, joining a slew of money managers coming to the UAE 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, which 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, convenient time zones and tax-free status.
As a global leader in asset management, PGIM has deep asset class expertise and risk management discipline and has served clients in the Middle East for many years, a statement from the company said.
PGIM offers active management and client-focused advisory services across private and public markets, meeting client needs in private alternatives (real estate, agriculture, private equity and private credit); fixed income; equities; multi-asset solutions; and retirement and fund solutions.
With a global team of more than 1,400 investment professionals, averaging 22 years of experience, across 41 offices in 19 countries, PGIM is bringing its wealth of expertise to the premier financial centre in the Middle East.
Arvind Ramamurthy, Chief of Market Development at ADGM, said: "We are proud to welcome PGIM, one of the largest asset management companies in the world, to one of the largest financial districts in the world - ADGM. PGIM's expansion into Abu Dhabi marks an important milestone in leveraging its unparalleled expertise and comprehensive range of services alongside ADGM's robust ecosystem to unlock a wealth of investment opportunities in the region."
Mohammed Abdulmalek, recently appointed as head of the Middle East for PGIM and chairman of the newly established local entity, commented: "PGIM is well equipped to offer bespoke investment solutions that align with the region's economic growth and transformation. Abu Dhabi remains a key market for us, and establishing our new legal entity in ADGM emphasises our ongoing dedication to our presence in the UAE and our commitment to the Middle East."
PGIM also announced the appointment of Emira Socorro as senior executive officer, heading the newly opened office in Abu Dhabi and a member of the board of the local entity. With over 25 years of experience in asset management and investment banking across the US, Europe, Asia, and the Middle East, Emira has held senior positions at J.P. Morgan Chase and Arcapita.