Aberdeen Asset Management starts operations in Abu Dhabi Global Market

ADGM has signed up 160 companies in its first year of operations. Mona Al Marzooqi / The National

Aberdeen Asset Management has become one of the first ­major financial institutions to start operations in Abu Dhabi’s new financial free zone.

The asset manager said yesterday it had opened its new office in Abu Dhabi Global Market (ADGM) on Al Maryah Island.

Aberdeen said it expected demand in the Middle East to come from investors looking to buy property, Islamic equities, multi-asset income, Indian bonds and emerging market debt products.

The office will be run by Andrew Paul, who has been appointed as senior executive officer for Aberdeen’s Middle Eastern branch, and Lucy Draper, the senior business development manager. They have relocated from Aberdeen’s London office.

“The Middle East has been an important market for Aberdeen for many years and the establishment of a local office is the natural next step for us,” said Martin Gilbert, the Aberdeen chief executive. “We believe the economic fundamentals of the region will create opportunities for asset managers over the coming years.”

The news comes just over a year after ADGM announced it was open for business and had started to receive applications from financial institutions to open in the free zone.

Other financial institutions that have also announced plans to open in ADGM include Australia’s Macquarie Group, Alpen Capital, Abu Dhabi Financial Group and Bahrain’s GFH Fin­ancial Group, which are jointly setting up an Islamic bank in the free zone.

Afkar Capital, an incubator for asset management fund start-ups, was the first financial institution brought on board by ADGM, receiving its licence in January.

In September, ADGM announced it had signed up 160 member companies in its first year of business, including law firms, professional and corporate service providers, and family offices.