Singapore’s Primrose Capital Expands to Abu Dhabi’s Booming Asset Market

Singapore-based Primrose Capital Management has secured in-principle approval from Abu Dhabi’s Financial Services Regulatory Authority, paving the way for regional expansion into the USD500bn family office market. A full licence is expected within months, with recruitment plans underway for investment and client relations teams in Abu Dhabi.

Primrose intends to launch MENA-domiciled feeder funds by the second half of 2025. Abu Dhabi has emerged as a key hub for asset managers, hosting major players such as BlackRock, PGIM, and Nuveen. By end-2024, the Abu Dhabi Global Market (ADGM) counted 134 asset managers overseeing 166 funds, with assets under management surging 245% during the year.