The new Abu Dhabi presence will include investment, operational, and client-facing capabilities, reinforcing Capital Group’s long-term commitment to clients and the region.

Despite the conflict in the region, US investment manager Capital Group plans to establish its first office in the Middle East, in the United Arab Emirates (UAE) Abu Dhabi Global Market (ADGM). The firm expects the Abu Dhabi office to formally open later this year, subject to regulatory approvals.

This is a big step in Capital Group’s long-term strategy to accelerate global growth. It reflects the firm’s conviction in the Middle East Region, the UAE and Abu Dhabi as a rapidly evolving and strong financial ecosystem, supported by the Abu Dhabi Investment Office (ADIO).

“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,” Mike Gitlin (pictured), president and CEO of Capital Group added.

The planned Abu Dhabi location will be Capital Group’s 35th office worldwide, reflecting the firm’s approach to establishing local capabilities that are connected to its global platform. As in other markets, it intends to build steadily over time, aligned with client needs and Capital Group’s long-term investment culture.

Capital Group is relocating Benno Klingenberg-Timm, head of Institutional for Europe and Asia, to take on the additional responsibility of head of its Abu Dhabi office. “The UAE has established itself as a leading global financial centre, reflecting the strong growth dynamics of the Gulf Cooperation Council (GCC) and the broader region. The Middle East is important both as a market in its own right and as a natural gateway connecting Europe, Asia and Africa,” Klingenberg-Timm said.

Capital Group’s expansion into Abu Dhabi reflects ADIO’s commitment to create a future-facing financial services ecosystem led by ADIO’s FinTech, Insurance, Digital and Alternative Assets (FIDA) platform.

A number of firms such as Union Bancaire Privée (UBP), KKR, a New York-headquartered investment firm, and Zurich-headquartered private bank UBS have bolstered their presence in the Middle East recently, exploiting the rising level of demand for wealth management.

“Their decision underscores the value investors place on regulatory certainty, strong institutions and a stable environment for sustainable growth. With a robust legal framework and access to deep, long-term capital, ADGM is built to support global firms operating at scale,” HE Ahmed Jasim Al Zaabi, chairman of Abu Dhabi Global Market, said. “Capital Group’s presence further strengthens Abu Dhabi’s role as a bridge between international capital and regional opportunity, and as a place where enduring partnerships are formed with confidence.”

With over 9,000 associates and 34 offices around the world, Capital Group manages $3.3 trillion in assets for millions of wealth management and institutional clients around the world