Capital Group, which manages $3.3 trillion in assets, is setting up a base in Abu Dhabi’s ADGM, as the financial hub continues to attract global investment power houses despite war-driven uncertainties.
The move is part of the Los Angeles-based firm’s long-term global expansion strategy and reflects its conviction in the growth prospects of the Middle East, the UAE and Abu Dhabi, Capital Group said in a statement on Tuesday.
Subject to regulatory approvals, the Abu Dhabi base will be its 35th office worldwide, the firm said, without specifying a launch date.
It underpins Capital Group's focus on establishing local capabilities that connect with its global investment platform, said chief executive and president Mike Gitlin.
“We take a long-term and deliberate approach to building our global footprint, and we move only when we have high conviction. This is one of those moments,” Mr Gitlin said.
“Establishing a presence in Abu Dhabi demonstrates our commitment to being closer to our business partners across the Middle East as well as our intent to explore further investments in this dynamic region.”
Capital Group is relocating Benno Klingenberg-Timm, head of institutional business for Europe and Asia, to take on the additional responsibility of the Abu Dhabi office.
Ahmed Al Zaabi, chairman of ADGM, said Capital Group’s decision underscores the “value investors place on regulatory certainty, strong institutions and a stable environment for sustainable growth”.
“ADGM is built to support global firms operating at scale [and] Capital Group’s presence further strengthens Abu Dhabi’s role as a bridge between international capital and regional opportunity,” he added.
Growth opportunities
A base in Abu Dhabi provides global investors and money managers with opportunities to expand their regional operations and work closely with some of the world's largest sovereign wealth funds, as well as large family offices and institutional investors.
The UAE capital is home to the Abu Dhabi Investment Authority, Mubadala Investment Company and the recently created L'imad, which has taken control of the investment holding company ADQ.
Capital Group is the latest trillion-dollar asset manager to choose ADGM as its base for operations. BlackRock, State Street, PGIM -the global asset management business of Prudential Financial, and Chicago investment firm Nuveen are already operating from the global financial hub.
In recent months, ADGM has attracted money managers, global lenders and investment banks, insurers and FinTech companies, despite the geopolitical headwinds and war in the region.
On Tuesday, Man Group, the world’s largest listed hedge fund, also announced plans to establish a presence in Abu Dhabi. The London-listed investment manager, which oversees about $228.7 billion in assets, has submitted an application for a licence to operate within ADGM, the company said in a statement.
The planned move is part of Man Group’s broader expansion in the Middle East, where it aims to build a strategic hub spanning distribution, investment and trading, subject to regulatory approval, the company said.
“Man Group has long recognised Abu Dhabi as one of the world’s most dynamic financial centres,” Chief executive Robyn Grew said on Tuesday. “Submitting our application for a Category 3A licence marks an important milestone in our commitment to the region.”
In April, Barings, which has $418 billion in assets under management, and Bain Capital, with $215 billion, also established bases in ADGM, which is at the heart of Abu Dhabi’s ambition to diversify its economy away from hydrocarbons.
Earlier this year, ADGM reported a 36 per cent increase in assets under management as it marked a decade of operations.
More than 170 asset and fund managers, who together manage 244 funds, called ADGM home at the end of 2025. A total of 347 financial institutions are based in ADGM, 80 of which were licensed last year, according to the latest data.
