Hillhouse Investment Management, a global asset manager with $100 billion, has opened an office in ADGM, becoming one of the first companies to set up an office in the financial center of Abu Dhabi since the Iran war began about five weeks ago.
The Singapore-headquartered company has received a Class 3C license from the Financial Services Regulatory Authority, Hillhouse said in a statement on Thursday.
The move to Abu Dhabi’s offshore financial center, one of the fastest growing in the world, confirms the company’s “long-term commitment and trust in a rapidly changing financial environment.”
It added that the permanent base in the capital of the UAE will allow the company to strengthen investment operations and customer relations in the second largest economy of the Arab world, as well as in markets throughout the Gulf region.
“We have strong confidence in Abu Dhabi as one of the most important investment and financial destinations in the world,” said Adam Hornung, chief operating officer at Hillhouse. “Hillhouse has built strong relationships with investors, businesses and government agencies around the region over many years. [and] This new office will help us continue to strengthen that relationship and commitment going forward.
US and Israeli attacks on Iran, and Tehran’s attacks on its Arab neighbors, have disrupted businesses and hit the travel, tourism and hospitality sectors. However, in making cross-border deals, investments flow outside the region and long-term financial commitments remain unhindered.
“As one of the world’s leading independent asset managers, see [Hillhouse’s] The decision to establish a regional presence at ADGM reflects Abu Dhabi’s position as one of the world’s top financial centers and confirms its position as a stable and reliable location for global businesses,” said ADGM chairman Ahmed Al Zaabi.
Hillhouse invests in hedge funds, as well as private equity, real estate and private debt. It has already invested in the UAE through several deals, including Virtuzone and Clara, through its Ascentium business services platform. Hillhouse is also an investor in Hartland International School and North London Collegiate School in Dubai.
The company said its Abu Dhabi office will “enhance the firm’s ability to generate opportunities, make investments and engage with local stakeholders”.
Founded in 2005 with initial funding from the Yale University endowment, Hillhouse invests for institutional clients, including university endowments, foundations and private equity funds, across the Americas, Europe, Asia and the Middle East.
Continuous growth
The company is the latest in a long line of the world’s largest asset and finance managers, global lenders and investment banks, insurers and FinTech companies that have set up base in the UAE capital.
On Tuesday, ADGM, which is at the heart of Abu Dhabi’s desire to diversify its economy away from hydrocarbons, reported a 36 percent increase in assets under management as it marks ten years of operation, amid a steady flow of capital and talent to the emirate.
More than 170 asset and fund managers, who collectively manage 244 funds, called ADGM home late last year. A total of 347 financial institutions have been established in ADGM, 80 of which were authorized last year, according to the latest data.
Some of the top financial institutions that have set up offices at ADGM in the past year include Kimmeridge, Fortress, Polen Capital, Adams Street, Arcapita, Aquila Group, Germany’s DWS, Harrison Street, KKR, Monroe Capital, Plenary ME Infrastructure Partners and the Swiss bank UBS Group, as well as one of Europe’s oldest wealth managers, Julius Baer.
The Financial Services Regulatory Authority, the head of the ADGM, has also issued 120 regulatory approvals for companies, which is a 32 percent year-on-year increase, while it has also approved 94 new financial services to organizations.
Continuing with the growth rate of the last few years, the number of active licenses in ADGM exceeds 12,000 by the end of 2025, an annual increase of 30%. The number of people employed by companies in the financial center also rose by 51 percent year-on-year to 44,339.
#Singaporean #100bn #asset #manager #Hillhouse #Investments #opens #ADGM #office #Community