Prudential Financial’s investment management arm has made its debut in the budding Middle Eastern market by securing a license and opening a new office in Abu Dhabi.
PGIM has received Financial Services Permission (FSP) to operate in Abu Dhabi Global Market (ADGM) and has opened a new office in the UAE capital, according to a statement.
«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,» commented Arvind Ramamurthy, chief of market development at 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.»
Local Leadership
The US asset manager recently appointed Mohammed Abdulmalek as head of the Middle East and chairman of the newly established local entity in Abu Dhabi. In addition, it has now named Emira Socorro as senior executive officer, heading the new office, and a member of the local entity’s board.
Socorro has over 25 years of experience in asset management and investment banking. Previously, she held senior positions at J.P. Morgan Chase and Arcapita. She also led a private advisory practice that connected Gulf Cooperation Council family offices with Islamically compliant real estate investment opportunities in the US and Europe, while also advising them on their investment portfolios.
«Abu Dhabi remains a key market for us, and the establishment of our new legal entity in ADGM emphasizes our ongoing dedication to our presence in the UAE and our commitment to the Middle East,» added Abdulmalek.
