The invite-only HFM European Operational Leaders Summit is considered one of the flagship events in the hedge fund calendar, attracting COOs, CFOs and other C-suite execs from Europe’s leading firms.
As one of the world’s leading fund administrators, SS&C was there in force with one of our senior directors, Mastan Momin, joining a panel of experts from across the investment landscape to discuss the next big growth markets and how to navigate them in an increasingly complex investment landscape.
Initially, the panel looked at the legal and practical challenges of establishing a global workforce in a new region and how a firm-wide culture can be created in a global business.
The panel discussed how Dubai and Abu Dhabi were the two key territories attracting investment firms. One of the panelists pointed out that while Dubai remained an attractive destination, it took more than five months from their application to establish an office in the country—a lengthy lead time in fast-moving financial markets. This contrasted sharply with SS&C’s experience of setting up its newest Middle East office in the heart of the Abu Dhabi Global Market (ADGM), which took just 12 weeks to complete.
This is why setting up in Abu Dhabi, specifically in ADGM, has become increasingly attractive for managers with momentum seen particularly in private markets like VC, PE and private credit funds—a trend Mastan said was being driven by a few key factors.
“Firstly, proximity to sovereign wealth funds such as ADIA, ADQ and Mubadala makes Abu Dhabi a natural hub for capital raising. ADGM's expansion as a free zone also means that finding office space has become easier while the regulatory environment in ADGM is another advantage,” he said.
“The FSRA has been extremely collaborative, offering a streamlined licensing process that typically takes 12 to 14 weeks. ADGM is also unique in the region for applying English Common Law and they help managers integrate into the local ecosystem.”
The panelists agreed that the best approach to staffing new offices—one that SS&C has adopted—is to take a blended approach by relocating existing employees while also hiring locally to bring in fresh perspectives and essential, local knowledge.
“This combination of global expertise and local insights has allowed us to build an agile, well-integrated team that’s grounded in the local context and ready for future growth,” said Mastan.
The panel then moved on to explore how these new teams can be integrated into an existing, global culture. Finding the right people, embedding them into a global culture but being able to adapt it to suit local requirements were all cited as the main hurdles to overcome.
The panelists explored a range of ways to manage this—from holding regular cross-regional meetings to ensure everyone feels connected to developing mentorship programs to help new employees navigate local and global expectations.
“Adaptability is key,” said Mastan. “While we strive for a cohesive culture, we respect and incorporate local values and working styles,” he explained.
He conceded it’s a major challenge to ensure new teams don’t feel isolated and explained that SS&C leverages its single-platform technology to deliver seamless communication across regions.
“But it’s not just about having the right tools,” he warned. “It’s about fostering an inclusive culture where everyone feels they have an open platform or a voice to express themselves, whether they are in London, New York or Abu Dhabi.”
The moderator explored what was driving fund managers towards these markets, with the panelists highlighting the heightened regulatory burden in Europe as a key motivator.
The divergence between the UK and EU regulatory regimes means that any UK-based firm wishing to operate in Europe must manage two frameworks for MiFIR/MiFID II, EMIR (EU and UK), SFTR, AIFMD and more. It has been estimated that this has doubled the cost of regulation for these firms.
As the discussion drew to a close, Mastan had some advice for managers trying to navigate the complexities of evolving regulatory frameworks. It’s crucial, he said, that they focus on the two core principles of proactivity and adaptability.
“Whether operating in established markets like the UK and EU or expanding into regions like Abu Dhabi, these principles are essential for success,” he told the audience.
“Success lies in seeing these challenges not as obstacles, but as steppingstones to global expansion. And, of course, partnering with the best firms will support your initial set-up and power your future growth,” he said.
Download our "Customer Due Diligence in the Abu Dhabi Global Market" brochure to learn more about navigating the regulatory landscape in ADGM. Or explore our UAE resource page.
