AUM of USD 635 Billion at ADFW Caps Stellar Q4 as Trillion-Dollar Club Flock to ADGM

ABU DHABI, UAE, Dec. 20, 2024 /PRNewswire/ -- ADGM, the leading international financial centre of Abu Dhabi and a globally recognised hub for asset and wealth management unveiled nineteen major announcements from global financial institutions during the third edition of ADFW. These represent almost USD 635 billion in assets under management (AUM) and follow other Q4 announcements from the world's largest asset managers, BlackRock, PGIM, and Nuveen, which have also been set up in ADGM.

This remarkable increase, from USD 450 billion to USD 635 billion, within a year has reinforced the centre's reputation as the region's fastest-growing and one of the world's most dynamic jurisdictions for asset management. This growth has been further bolstered by the establishment of billionaire-led family offices, including those of British businessman Asif Aziz, prominent philanthropist and financial strategist Wafic Said, and Singaporean entrepreneur and real estate leader Kishin RK, underscoring the centre's growing appeal as a global wealth management hub.

Commenting on Abu Dhabi and ADGM's continued momentum, H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi's Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM said, "These milestones reflect the heart of what makes Abu Dhabi so special—a shared vision of progress, partnership, and possibility. The growing number of global financial leaders and innovators choosing ADGM is a testament to the trust they place in our infrastructure, robust regulations, commitment to excellence and Abu Dhabi's reputation as the world's safest and most dynamic jurisdiction for asset and wealth management. As we welcome these new partnerships, we remain dedicated to driving the growth and diversification of the 'Falcon Economy' and creating opportunities that resonate across industries and borders. It's an exciting moment for ADGM, Abu Dhabi, and all those who are part of this remarkable journey."

Larry Fink, Chairman and CEO of Blackrock praised Abu Dhabi commenting, "It's been a long journey watching how Abu Dhabi has matured as an economy. The constant innovation that I'm seeing from the economy and from the leadership. And Abu Dhabi has really positioned itself to become a leader over the next 20 years. Its psychology was different, and now it's blossoming into this magnet of opportunity. With that strength, it is now becoming a foundation for innovation."

"We see a real burgeoning of entrepreneurship happening in the region and believe that the Middle East is the next big entrepreneurial hot spot. We've watched this happen before and always had our eye out on areas emerging in terms of entrepreneurship," said Bill Ford, Chairman & CEO of General Atlantic, during the second day of ADFW. 

Sir Paul Marshall, Chairman and Chief Investment Officer of Marshall Wace said, "Abu Dhabi is such a great place. Abu Dhabi is absolutely nailing it. It's a very attractive place."

Confirming their establishment in ADGM during ADFW were leading private equity firms General Atlantic, Lone Star Funds, and Investindustrial along with private credit giants Golub Capital and Polen Capital, insurance manager – Eldridge as well as leading global equity management company, Carta and hedge fund Marshall Wace.

This recent wave of commitments from global financial institutions signifies ADGM's leadership in attracting the world's foremost investment firms. Reflecting this confidence and growth, billionaire-led family offices have also been drawn to ADGM, recognising it as a trusted hub for managing and growing wealth.

Asif Aziz, Founder and CEO of Criterion Capital commented, "Abu Dhabi's transformation into a global financial powerhouse makes it an ideal base for our operations. ADGM's world-class infrastructure and strategic location provide unparalleled opportunities to forge partnerships that align with our growth ambitions across the UAE and beyond."

Building on its role as a leading destination for global investors and asset managers, ADGM is also redefining financial innovation by advancing its digital ecosystem. A cornerstone of this effort was the launch of Finstreet, a first-of-its-kind international securities market and an ecosystem for private securities, which exemplifies ADGM's commitment to integrating cutting-edge digital solutions with its robust financial infrastructure. The week also saw a new funding round for Themis and the entry of international digital pioneers Zodia Markets, Polygon Labs, FJ Labs, Aptos Digital, Chainlinks, Astra Tech and Themis, further solidifying the Emirate's reputation as a global innovation hub.

Meanwhile, FinTech Astra Tech's Quantix announcement of a landmark USD 500 million financing from Citigroup, among the largest provided to a UAE FinTech company to date, to expand its CashNow consumer lending platform. Additionally, Themis—renowned for its advanced financial crime prevention technologies—is further reinforcing ADGM's position as a hub for the next generation of financial technologies, secured over USD 9.75 million in scale-up funding, building on its success in partnerships with global leaders, including ADGM underscoring its role in advancing financial crime prevention in innovative regulatory environments.

The market announcements were released during the third edition of ADFW held under the theme "Welcome to the Capital of Capital," which gathered more than 20,000 leaders and executives from across the financial services industry, which collectively represented more than USD 42 trillion in assets under management.

This wave of newcomers ADFW underscores Abu Dhabi's position as a global financial powerhouse and ADGM's role as a catalyst for economic diversification, attracting top-tier talent, cutting-edge technologies, and transformative investments that are shaping the emirate's future.