Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Seviora Group, a leading Asia-based asset management company headquartered in Singapore, has announced the establishment of its Middle East office in the Abu Dhabi Global Market (ADGM).
With over $54 billion in assets under management (AUM), Seviora's expansion into the region underscores the growing appeal of ADGM as a hub for global financial institutions. "The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans," Jimmy Phoon, CEO of Seviora Group said.
Seviora's entry into ADGM follows a broader trend of major asset managers establishing a presence in Abu Dhabi's financial centre. By the end of 2024, ADGM was home to 34 asset and fund managers overseeing 166 funds. These included some of the finance world's most recognisable names as well as more boutique firms and offices.
Polen Capital, a US-based investment management firm with approximately $63 billion in assets under management (AUM), received its licence in February to commence operations at ADGM. CEO Stan Moss praised the efficiency of the approval process and highlighted Abu Dhabi as a key market for the firm. Omar Sultani, appointed as Polen's Managing Director for the Middle East and Central Asia, emphasised that the firm's expansion reflects the city's growing appeal to global financial institutions.
"Abu Dhabi has become a key global financial centre, offering an ideal environment for asset managers to expand and innovate," Sultani said.
Meanwhile, Investindustrial - a European investment group with over €15 billion in raised fund capital - opened its new office early this year, stating it will serve as the Middle East and Asia hub for its activities.
These are just the latest in a slew of major financiers to establish a presence on Maryah Island. Marshall Wace, a London-based hedge fund, which manages over $69 billion in assets globally, opened an office in late 2024.
During Abu Dhabi Finance Week, an annual event, several major firms announced plans to establish offices in the region. Among them were Investindustrial and Polen Capital, along with General Atlantic, which oversees $100 billion in assets under management (AUM), and Lone Star Funds, managing $95 billion.
Golub Capital, a prominent private credit firm with $70 billion in AUM, Eldridge, an insurance-focused investment firm with $74 billion in AUM, and Carta, a global leader in equity management with $150 billion in assets under administration (AUA), also revealed their expansion intentions.
"Abu Dhabi has really positioned itself to become a leader over the next 20 years. Its psychology was different, and now it's blossoming into this magnet of opportunity," Larry Fink, Chairman and CEO of Blackrock said during a phone-in at the event late last year.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, said the latest addition to ADGM was indicative of the successful outreach programmes that the centre had undergone in recent years.
"We are delighted to welcome Seviora Group to ADGM, further cementing Abu Dhabi's reputation as a trusted global financial centre. Seviora's establishment of its regional headquarters in ADGM reflects our growing international appeal and the continued expansion of our global network," he said.
