Abu Dhabi: Morgan Stanley, Rothschild Join Finance Elite - Bloomberg
Rothschild & Co. and Morgan Stanley are among global investment banks opening up in Abu Dhabi as the deep-pocketed United Arab Emirates’ capital continues to attract more international money and financial firms.
The Paris-based boutique bank secured a license to operate in the Abu Dhabi Global Market, the emirate’s main business zone, according to a statement on Thursday.
Separately, JPMorgan & Chase Co. this week said it’s expanding in the city by offering deposit taking and payment processing to its wholesale banking clients from the capital and is seeking a full banking license in ADGM. The plans signal the Wall Street firm’s “intent and commitment to the size of the opportunity here,” Chief Executive Officer Jamie Dimon said in the statement.
JPMorgan’s expansion come about a month after Morgan Stanley CEO James Gorman told analysts that the bank plans to open an outpost in Abu Dhabi. Earlier this year, Goldman Sachs Group Inc. said it was opening an office in the capital that would initially focus on asset management.
Global investment banks are making inroads into Abu Dhabi at the same time hedge funds, private equity firms, crypto companies and asset managers are being drawn to the city that’s home to sovereign wealth funds overseeing more than $2 trillion. Ray Dalio has set up a branch of his family office in the UAE capital, while Brevan Howard Asset Management, one of the world’s biggest hedge funds, also opened an outpost in ADGM.
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