Image: ADGM/ For illustrative purposes
Primrose Capital Management (Primrose), a leading asset manager specialising in data-driven, quantitative trading, has secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM.
The approval marks the first milestone in Primrose’s application for a full financial services permission (FSP).
Primrose seeks to deepen the investment corridor between Singapore and Abu Dhabi at a time when the two jurisdictions are stepping up cooperation on fintech and capital-markets development.
Primrose plans to service family offices, sovereign entities and institutional investors
By applying for the FSP and establishing a regulated presence in ADGM, Primrose plans to offer family offices, sovereign entities and institutional investors in the Middle East direct access to its machine-learning-powered strategies, bridging two rapidly expanding pools of capital.
Family offices in the Gulf now steward more than $500bn in assets and are increasingly allocating to systematic hedge-fund strategies, a demand Primrose is positioned to meet with transparent, risk-managed products across global futures, options and digital-asset derivatives.
Linus Ong, CIO at Primrose Capital Management, said: “Regulated market access is non-negotiable for today’s sophisticated investors. ADGM’s clear, technology-forward rulebook gives us the certainty to scale our platform while upholding the highest standards of governance and client protection.
‘Receiving the IPA is an important vote of confidence in our model and our team.”
Primrose will work closely with the FSRA to secure its full license in the coming months.
Primrose plans to recruit portfolio-engineering and client-coverage specialists in Abu Dhabi, creating high-skilled jobs within the emirate’s innovation cluster.
It expects to launch MENA-domiciled feeder funds in the second half of 2025, giving Gulf investors seamless access to its flagship Global Multi-Strategy and Digital Options programmes.
