ADGM says assets under management soar by 211% in Q1 2024
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ADGM says assets under management soar by 211% in Q1 2024

ADGM says assets under management soar by 211% in Q1 2024

The financial hub said the total number of operational entities jumped by 30 per cent to reach 1,950

Gulf Business
ADGM’s AUM surges by a record 211% in Q1 2023

The Abu Dhabi Global Market (ADGM) said its assets under management soared by a record 211 per cent in Q1 2024, as the financial hub continues to attract global investment firms and hedge funds.

The latest data shows that a total of 107 asset managers, comprising investment firms and hedge funds, who manage 137 funds set up shop in Abu Dhabi in the first three months of this year.

ADGM said the total number of operational entities in the financial hub jumped 30 per cent to reach 1,950 including 291 financial services entities as of March 31, 2024.

“This year holds the promise of even greater growth for ADGM and its ecosystem, marking a significant stride towards achieving Abu Dhabi’s economic goals and ambitions,” said Ahmed Jasim Al Zaabi, the chairman of ADGM.

The attractiveness of Abu Dhabi saw prominent global firms set up shop in the ADGM last year including Rajiv Jain’s GQG Partners and fund administrator giant SS&C Technologies Holdings.

Billionaire Ray Dalio, Czech tycoon Radovan Vitek, Egyptian magnate Nassef Sawiris and the richest man in crypto Changpeng “CZ” Zhao are among the high net-worth individuals who have set up firms in Abu Dhabi, according to a Bloomberg report.

ADGM’s workforce grew to more than 25,000 employees during the first quarter. Several new firms including Vizier Asset Management Company I Squared Capital and Blantyre Capital have been granted in-principle approval by ADGM.

Read: ADGM Financial District to expand, making it one among world’s largest financial centres

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