(Bloomberg) -- Abu Dhabi reported a surge in assets under management within its financial center as money managers rushed to the emirate, bolstering its image as an influential financial hub.

Total assets under management rose 211% during the first quarter from the same three-month period the year before, according to Abu Dhabi Global Market. 

As many as 107 asset and fund managers including new entrants Rajiv Jain’s GQG Partners and fund administrator giant SS&C Technologies Holdings now operate from the emirate. An additional 52 entities are looking to join the fray.  

Abu Dhabi is aggressively tapping into a broader shift in wealth to the capital of the United Arab Emirates, which is home to the world’s richest family and boasts sovereign wealth funds that manage more than $1 trillion. Hedge fund billionaire Ray Dalio, Czech tycoon Radovan Vitek, Egyptian magnate Nassef Sawiris and the richest man in crypto Changpeng “CZ” Zhao are among the high net worth individuals who have set up firms in the city.  

Brevan Howard Asset Management, for instance, now manages more money from Abu Dhabi than it does anywhere else on the planet.

Others in the region are also trying to lure financial giants, banking on the trillions of dollars in capital that the Gulf sovereign wealth funds have, as well as the lack of income tax and a favorable time zone. Izzy Englander’s Millennium Management set up in Dubai recently and now has a staff of more than 70, while Balyasny Asset Management aims to double its 12-person workforce in the emirate.

Abu Dhabi also reported a 30% increase in operational entities to 1,950 during the first quarter, taking the headcount to 25,000. Several new firms including Vizier Asset Management Co., I Squared Capital Ltd. and Blantyre Capital have been granted in-principle approval by ADGM.

“This year holds the promise of even greater growth for ADGM and its ecosystem,” Chairman Ahmed Jasim Al Zaabi said in the statement.

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