Polen Capital, a US-based investment management firm, announced on Monday that it has secured preliminary approval for a license to operate in Abu Dhabi Global Market (ADGM), the emirate's financial centre, according to a report by Reuters.

Polen Capital, which managed approximately $63bn in assets as of 30 September, joins a growing list of asset managers and hedge funds expanding their presence in the region to deepen relationships with the UAE's leading sovereign funds and family offices.

“Opening an office in Abu Dhabi marks a significant milestone for Polen as we build a greater presence in the Middle East market,” said CEO Stan Moss in a statement.

The firm is now awaiting a Financial Services Permit from the Financial Services Regulatory Authority (FSRA) to finalise its operations.

While the company did not disclose specific details about its current regional investments, the strategic move aligns with a broader trend among asset managers attracted by ADGM's business-friendly environment, streamlined licensing process, and access to the region's sovereign wealth funds.