US investment management firm Polen Capital said on Monday it has received preliminary approval for a license to operate from the ADGM, Abu Dhabi's financial centre, as it looks to capitalise on growth opportunities in the region.
Rising company registrations, the appeal of sovereign wealth funds, and the relative ease of obtaining a license to operate compared with other financial centres have enhanced ADGM's attractiveness for global firms.
Polen Capital, which had approximately $63 billion in assets under management as at Sept. 30, will join other global asset managers and hedge funds in setting up in the ADGM.
The move is generally driven by opportunities to deepen ties with the United Arab Emirates' largest sovereign wealth funds and regional family offices.
"Opening an office in Abu Dhabi would mark a significant milestone for Polen, as we begin to build a greater presence in the Middle East market," Polen Capital CEO Stan Moss said in a statement.
"We look forward to receiving the Financial Services Permit from the FSRA (Financial Services Regulatory Authority) and continuing our commitment to delivering exceptional service in the region."
No details of the company's current assets under management or investments in the Middle East region were provided in the statement.