Capital Group has been cleared to work as a regulated investment manager in Abu Dhabi.

The approval came from ADGM‘s regulator, the Financial Services Regulatory Authority (FSRA).

With the Capital Group FSRA licence, the US$3.6 trillion asset manager can now trade and manage investments in ADGM. It can also handle distribution within the financial hub.

Back in May, the firm said it would open its first Middle East office in Abu Dhabi.

Since then, it has moved staff there from North America, Europe and Asia. This team covers investment, operations and client work.

In addition, the firm expects it to grow over time, in line with business and client needs.

“Securing our regulatory licence in Abu Dhabi reflects our long-term commitment to the region and our conviction in its continued development as a leading international financial centre.

We look forward to deepening our relationships with clients and partners,”

said Mike Gitlin, President and CEO of Capital Group.

“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 Abu Dhabi Office and Head of Institutional for Europe and Asia at Capital Group.

Featured image: Edited by Fintech News UAE, based on image by Frolopiaton Palm via Magnific.