DUBAI, Sept 12 (Reuters) - PGIM, the investment

management arm of U.S. insurer Prudential Financial ( PRU ), has

opened an office in Abu Dhabi, it said on Thursday, joining a

slew of money managers coming to the United Arab Emirates

capital to tap a growing pool of wealthy clients.

PGIM, which had $1.33 trillion in assets under management as

of June-end, obtained a Financial Services Permission (FSP) to

operate in Abu Dhabi's financial centre ADGM, where it will

cater to regional institutional and professional clients.

Asset managers, banks, hedge funds and family offices have

increased their presence in the UAE in recent years, driven by a

post-pandemic economic rebound, the UAE's relatively neutral

political stance, convenient time zones and tax-free status.

In Abu Dhabi -- where state funds ADIA, Mubadala and ADQ

manage $1.54 trillion in assets, per sovereign wealth fund

tracker Global SWF -- some of the big names include the

billionaire founder of hedge fund Bridgewater Associates, Ray

Dalio, who opened a branch of his family office last year, and

peers Brevan Howard.

The oil-rich emirate also lured banks such as Goldman Sachs ( GS )

and Rothschild, which have traditionally favoured

neighbouring Dubai as their regional hub but are now setting up

smaller offices in Abu Dhabi and Riyadh.

Company registrations at ADGM surged 31% in the first half

of 2024 compared with a year earlier, while assets under

management soared by 226%, the financial centre said. Morgan

Stanley ( MS ) was among the asset managers that received an FSP

in the period.

PGIM said it has served clients in the Middle East "for many

years", but Abu Dhabi would be its first office in the region.

"Abu Dhabi remains a key market," its Middle East head

Mohammed Abdulmalek said.

The firm said it has over 1,400 employees globally, spread

across 41 countries, without disclosing the number of staff it

plans to employ in Abu Dhabi.