7 October 2026
Capital Group, a Los Angeles based investment manager with USD 3.6 trillion in assets, about AED 13.2 trillion, has received a licence from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a regulated investment manager. The firm announced the licence on 7 October 2026; the FSRA public register shows that its entity, Capital Group Investment Management Co Ltd, was authorised on 29 September 2026 for four activities, including managing assets and dealing in investments. The Abu Dhabi office, Capital Group’s first in the Middle East and 35th worldwide, will handle trading, investment management and distribution, and is led by Benno Klingenberg-Timm.
What Capital Group announced
In a statement on Wednesday, 7 October 2026, reported by The National, Capital Group said it had secured an FSRA licence to operate as a regulated investment manager and to expand its operations across the region. With the licence in place, the firm can conduct trading, investment management and distribution activities within ADGM, the international financial centre of Abu Dhabi.
The licence completes a plan announced five months earlier. On 5 May 2026 Capital Group said it would establish its first Middle East office in ADGM and expected it to open later in the year, subject to regulatory approvals. The firm is relocating associates from North America, Europe and Asia to support clients in the region, so the office starts with staff who already know the global platform.
“Establishing a regulated presence in Abu Dhabi brings us closer to our clients and to the investment opportunities across the Middle East, a region where we have been active for many years,” said Benno Klingenberg-Timm, head of the Abu Dhabi office and head of institutional for Europe and Asia. “From day one, we will have a meaningful presence, with on-the-ground investment, operational and client-facing capabilities.”
What the FSRA register shows
The FSRA public register adds details that the announcement does not contain. Capital Group Investment Management Co Ltd appears there as an active financial firm with FSP number 260077 and an FSP date of 29 September 2026, eight days before the public statement. Its legal form is an ADGM private company limited by shares.
Four regulated activities are listed, all effective from 29 September 2026:
- Managing assets.
- Dealing in investments as agent.
- Arranging deals in investments.
- Advising on investments or credit.
They cover a wide range of instruments: shares, debt instruments, government and public financial instruments, units in collective investment funds, options, futures and structured products. The register also records two conditions: the firm may not deal with retail clients as defined in the FSRA Conduct of Business Rulebook, and it may not hold client assets.
The activities broadly match the three functions named in the statement. Managing assets is investment management, dealing as agent is trading on behalf of clients, and arranging and advising are the basis for distribution of funds and strategies. The conditions mean that the office serves professional and institutional clients and that client money stays with custodians rather than with the Abu Dhabi entity.
This scope is wider than that of New Mountain Capital, which announced its ADGM office a day earlier and holds a licence only for arranging deals and advising. Capital Group’s licence adds managing assets and dealing as agent, which allows portfolio management and trading to be carried out from Abu Dhabi.
Capital Group in ADGM at a glance
| Indicator | Figure |
|---|---|
| Assets under management | USD 3.6 trillion, about AED 13.2 trillion |
| Headquarters | Los Angeles |
| Plan announced | 5 May 2026, first Middle East office, 35th worldwide |
| ADGM entity | Capital Group Investment Management Co Ltd, FSP 260077 |
| FSRA licence date | 29 September 2026 |
| Licence announced | 7 October 2026 |
| Regulated activities | Managing assets; dealing as agent; arranging deals; advising |
| Conditions | No retail clients, no client assets |
| Head of the office | Benno Klingenberg-Timm |
AED amounts are converted at the fixed peg of AED 3.6725 to USD 1. Licence data come from the FSRA public register, the plan from the Capital Group press release of 5 May 2026, and the other figures from The National.
Who leads the Abu Dhabi office
Benno Klingenberg-Timm is Capital Group’s head of institutional business for Europe and Asia. In May the firm said it was relocating him to take on the additional responsibility of heading the Abu Dhabi office. At the time he described the Middle East as important both as a market in its own right and as a natural gateway connecting Europe, Asia and Africa.
Mike Gitlin, President and CEO of Capital Group, said in May that the firm takes a long-term and deliberate approach to building its global footprint and moves only when it has high conviction. He linked the office to being closer to business partners across the Middle East and to an intent to explore further investments in the region. The Abu Dhabi Investment Office (ADIO) supported the move through its FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster.
Part of a wider wave of managers in ADGM
Capital Group joins other trillion-dollar asset managers that already operate from ADGM, including BlackRock, State Street, PGIM and Nuveen. Its licence also lands in a busy few weeks for the financial centre.
- On 6 October 2026 New Mountain Capital opened an ADGM office; the New York firm manages about USD 60 billion.
- Last week Eurazeo, a European manager with EUR 40 billion (USD 45.2 billion) under management, opened an office in ADGM.
- Also last week, Pantheon opened its first Abu Dhabi office in ADGM.
- In recent months Blue Owl Capital, Vista Equity Partners, Man Group, Barings, Bain Capital, Cantor and Adapt Investment Managers have set up in Abu Dhabi.
The asset managers that established operations in ADGM in the first half of 2026 together oversee more than USD 2.1 trillion globally, about AED 7.7 trillion. Over the same half, assets under management in ADGM rose 54 per cent year on year, as we reported in our review of ADGM results for the first half of 2026. Ahmed Al Zaabi, chairman of ADGM, said Capital Group’s decision reflects the strength of Abu Dhabi’s financial ecosystem and the centre’s position among institutions seeking long-term opportunities in the region.
What the licence means for business in the UAE
No rule, fee or licensing threshold changed on 7 October 2026. The licence matters to three groups.
The first is professional investors in the UAE: family offices, investment holding companies, pension and endowment funds. They now have a regulated Capital Group entity on site that can advise them, arrange investments and manage portfolios. Because the licence excludes retail clients, individuals who do not qualify as professional clients are outside its scope.
The second is operating companies. The direct effect is limited: the licence covers services to professional clients rather than financing of local companies, and Capital Group has not named a regional investment amount. Indirectly, more global managers in Abu Dhabi deepen the market for professional services, from fund administration to compliance.
The third is firms planning their own regulated presence in ADGM. The register entry shows the usual sequence: a local private company limited by shares, then a separate FSRA authorisation that lists each activity and its conditions. Registering a company and obtaining a financial services licence are two different processes, and only the second allows a firm to manage money or advise clients.
Checklist for an investment or family structure in the UAE
- Describe the activity precisely. Holding your own investments, advising others and managing third party money are different activities with different licences.
- Check whether the activity is regulated. Managing or advising on investments for others in ADGM requires FSRA authorisation; holding the owners’ own assets usually does not.
- Match the jurisdiction to the purpose. ADGM and DIFC suit regulated finance and holding structures; a mainland or other free zone company often suits trading and services better.
- Prepare source of funds and ownership documents early. Banks request them at account opening, and managers request them again at onboarding.
- Plan residency for owners and staff. Investors who qualify can apply for a Golden Visa; employees need work permits and residence visas through the company.
- Build real substance: an office, local management and an operating bank account make the structure credible to banks and counterparties.
How Atlant Capital can help
We handle company formation in the UAE on the mainland and in free zones, including holding and investment holding structures. We open corporate and personal accounts and prepare the documents banks actually ask for, a process explained step by step in our guide to opening a bank account in the UAE and delivered through our bank account opening service. We also arrange work permits and residence visas for founders and staff, and Golden Visas for investors who qualify.
FSRA authorisation itself is a specialised regulatory procedure run by licensed compliance consultants, and we do not provide it; accounting, audit and tax filing are handled by licensed firms from our partner network. If ADGM fits your structure, we will say so, and if a simpler route works better, we will say that too. Tell us what you are building and we will map the structure to it.
The bottom line
Capital Group, with USD 3.6 trillion under management, now has an FSRA licensed entity in ADGM that may manage assets, deal as agent, arrange deals and advise professional clients. The licence dates from 29 September 2026 and was announced on 7 October, five months after the firm first named Abu Dhabi as the site of its first Middle East office. Its first effect will be felt by institutions and family offices in the UAE and by the professionals who serve them.
Source: The National, FSRA public register.
FAQ
Has Capital Group received an ADGM licence?
Yes. Capital Group Investment Management Co Ltd received an FSRA licence dated 29 September 2026, and the firm announced it on 7 October 2026. The licence allows it to operate in ADGM as a regulated investment manager. The Abu Dhabi office is Capital Group’s first in the Middle East and its 35th worldwide.
What can Capital Group do in Abu Dhabi under its FSRA licence?
According to the FSRA public register, the firm may manage assets, deal in investments as agent, arrange deals in investments and advise on investments or credit. It may not deal with retail clients and may not hold client assets. In practice the office handles trading, investment management and distribution for professional and institutional clients.
How much does Capital Group manage?
Capital Group manages USD 3.6 trillion in assets, about AED 13.2 trillion at the fixed peg of AED 3.6725 to USD 1. The firm is based in Los Angeles. It is among the trillion-dollar managers in ADGM, alongside BlackRock, State Street, PGIM and Nuveen.
Who heads Capital Group in Abu Dhabi?
Benno Klingenberg-Timm heads the Abu Dhabi office. He is also Capital Group’s head of institutional business for Europe and Asia; in May the firm said it was relocating him to Abu Dhabi for the role. The firm is moving associates from North America, Europe and Asia to support clients in the region.
