Image: ADGM/ For illustrative purposes
Primrose Capital Management, a prominent asset management firm that focuses on data-driven and quantitative trading methods, has obtained an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
This approval represents a significant first step in Primrose’s quest for a comprehensive financial services permission (FSP).
At a time of increasing collaboration between Singapore and Abu Dhabi concerning fintech initiatives and capital market advancements, Primrose aims to enhance the investment link between the two regions.
Primrose’s Target Market: Family Offices, Sovereign Funds, and Institutional Investors
Through its application for the FSP and the establishment of a regulated presence in ADGM, Primrose intends to provide family offices, sovereign funds, and institutional investors in the Middle East with direct access to its machine-learning-driven investment strategies, effectively connecting two rapidly growing capital markets.
Currently, family offices in the Gulf manage over $500 billion in assets and are increasingly turning to systematic hedge-fund strategies. Primrose aims to cater to this demand with its transparent, risk-managed offerings in global futures, options, and digital-asset derivatives.
Linus Ong, Chief Investment Officer at Primrose Capital Management, remarked, “For today’s sophisticated investors, regulated market access is essential. The transparent and technology-oriented regulatory framework of ADGM provides us with the confidence to expand our platform while adhering to the highest standards of governance and client protection.”
“Receiving the IPA serves as a crucial endorsement of our operational model and our team,” he added.
Primrose is set to collaborate closely with the FSRA to obtain its full license over the upcoming months.
The firm anticipates hiring portfolio-engineering and client-coverage professionals in Abu Dhabi, contributing to the emirate’s skilled workforce in innovation sectors.
Moreover, it plans to introduce MENA-based feeder funds in the latter half of 2025, allowing Gulf investors to access its leading Global Multi-Strategy and Digital Options programs.