Investment management firm PGIM has received financial services permission to operate in Abu Dhabi Global Market (ADGM) and has opened a new office in Abu Dhabi.

The establishment of its local entity marks PGIM’s formal entry into the Middle East market, which it said underscored its commitment to serving institutional and professional clients in the region.

PGIM expressed its desire to provide “innovative investment strategies and comprehensive client advisory services” to regional investors, with the aim of helping them to navigate market complexities and achieve their financial goals.

The firm has served clients in the Middle East for many years, offering active management and client-focused advisory services across private and public markets.

It seeks to meet client needs in private alternatives, fixed income, multi-asset solutions, and retirement and fund solutions.

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.

Socorro has more than 25 years of experience in asset management and investment banking across the United States, Europe, Asia, and the Middle East, having held senior positions at J.P. Morgan Chase and Arcapita.

Furthermore, 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.

Commenting on the firm’s expansion, ADGM chief of market development, Arvind Ramamurthy, 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. Their role in driving growth and innovation in the region will strengthen ADGM’s position as a global financial powerhouse.”

PGIM head of the Middle East, Mohammed Abdulmalek, stated: “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.”

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