This episode is also available as a blog post: https://10leaves.ae/publications/adgm/guide-to-the-adgm-category-3c-asset-manager-license

ADGM Category 3C Asset Manager License:

Firms engaging in the activity of ‘Asset Management’, can apply to the ADGM for a Cat 3C License. Asset management, in this context, means managing client portfolios on a discretionary basis, under a client mandate. This license also allows the firm to carry our non-discretionary investment advisory and arrangement services, if those activities have been applied for as well.

A recent trend has been for investment bankers and financial advisors working with larger asset management companies, to set up on their own, and continue to work with the existing investment banks and custodians, as External Asset Managers. The ADGM Category 3C Asset Manager License is an ideal license for this activity, should the target market be primarily Abu Dhabi.

Firms interested in managing client assets from the ADGM are required to submit applications to the Financial Services Regulatory Authority, or FSRA.

The FSRA has a fast-track process for Fund Manager licenses, which also come under Category 3C. The Fund Manager, if approved, can manage domestic professional (ADGM Exempt Fund and ADGM Qualified Investor Fund) and Foreign Funds in other jurisdictions as well. In case the firm wishes to also engage in discretionary portfolio management services, it has to go through a full-fledged license process.