The latest compliance news: regulatory developments, punishments, guidance, permissions, new product and service offerings.

PGIM, the $1.33 trillion global investment management business of US-listed Prudential Financial, has secured what is called “Financial Services Permission” to operate in the Abu Dhabi Global Market. The business has also opened a new office in Abu Dhabi.

Mohammed Abdulmalek has been appointed as head of the Middle East for PGIM and chairman of the newly-established local entity, PGIM said in a statement earlier this week.

The firm, which offers active management and advisory services across private and public markets, already operates from 41 offices in 19 countries.

“Their role in driving growth and innovation in the region will strengthen ADGM’s position as a global financial powerhouse,” Arvind Ramamurthy, chief of market development at ADGM, said.

PGIM has also named Emira Socorro as senior executive officer, to head the Abu Dhabi office; Socorro is also a member of the board of the local entity. With over 25 years of experience in asset management and investment banking across the US, Europe, Asia, and the Middle East, Soccorro has held senior positions at JP Morgan Chase and Arcapita. Additionally, she has led a private advisory practice that connected Gulf Cooperation Council family offices with Islamic-compliant real estate investment opportunities in the US and Europe, while also advising GCC family offices on their investment portfolios.