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News
PGIM secures Abu Dhabi Global Market licence
3rd Party: 12 September 2024
PGIM, the $1.33 trillion global investment management business of Prudential Financial, Inc., has received Financial Services Permission (FSP) to operate in Abu Dhabi Global Market (ADGM) and has opened a new office in Abu Dhabi, located in the heart of the city’s financial district.
Establishing its local entity marks PGIM’s formal entry into the Middle East market, underscoring its commitment to serving institutional and professional clients in the region. PGIM is dedicated to providing innovative investment strategies and comprehensive client advisory services to regional investors, helping them navigate market complexities and achieve their financial goals.
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. 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 one of the world’s most progressive financial centres 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. Their role in driving growth and innovation in the region will strengthen ADGM’s position as a global financial powerhouse.”
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 the establishment of our new legal entity in ADGM emphasises our ongoing dedication to our presence in the UAE and our commitment to the Middle East. I look forward to leading PGIM’s efforts in delivering value to our clients and contributing to the financial landscape of the UAE.”
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 United States, Europe, Asia, and the Middle East, Emira has held senior positions at J.P. Morgan Chase and Arcapita. Additionally, she has led a private advisory practice that connected Gulf Cooperation Council (GCC) family offices with Islamically compliant real estate investment opportunities in the United States and Europe, while also advising GCC family offices on their investment portfolios.