PHOTO
A view of Abu Dhabi Global Market. Image courtesy: ADGM
Singapore-based asset manager Primrose Capital Management has received an in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi’s financial market ADGM as it expands access to the $500 billion family office market in the Middle East.
Primrose will seek to secure its full license in the coming months. The firm plans to recruit portfolio-engineering and client-coverage specialists in Abu Dhabi, and expects to launch MENA-domiciled feeder funds in the second half of 2025.
Abu Dhabi has become a magnet for global asset managers, including the New York-based BlackRock, PGIM and the Chicago-based investment firm Nuveen, drawn by its status as the “capital of capital”.
The financial market was home to 134 asset and fund managers overseeing 166 funds at the end of last year. AUMs surged 245% in 2024, according to ADGM
(Writing by Brinda Darasha; editing by Daniel Luiz)