AGL Credit Management Receives ADGM Approval, Expanding Presence in the Middle East
NEW YORK and ABU DHABI – August 12, 2026 – AGL Credit Management (AGL), a leading corporate credit specialist providing investment strategies and solutions for investors and borrowers, today announced that the Financial Services Regulatory Authority ADGM, the international financial center of Abu Dhabi, has granted the firm approval to conduct regulated financial activities within the ADGM.
The approval marks a significant milestone in AGL’s strategic expansion across the Gulf Cooperation Council (GCC) region and follows the opening of the firm’s ADGM office in August 2025 and the establishment of AGL Credit Management GCC Limited.
AGL has appointed Michael Phillips as Managing Director to oversee the firm’s expansion in the GCC, with a focus on deepening relationships with institutional investors and advancing new strategic partnerships across the region. He is based in ADGM and reports to Kassem Shafi, AGL’s Head of Investor Solutions and Capital Formation.
Prior to joining AGL, Mr. Phillips served as Head of Corporate Credit at the Abu Dhabi Investment Council. Before that, he was Head of Credit in the multi-asset Special Opportunities group at the Teacher Retirement System of Texas, where he oversaw a large portfolio of funds, customized platforms and principal investments, and served on the group Investment Committee.
AGL was established in 2019 by Peter Gleysteen with the support of a subsidiary of the Abu Dhabi Investment Authority (ADIA). The firm currently manages $25 billion in assets.
“Securing our ADGM license represents an important milestone in AGL’s continued growth and reinforces our long-standing commitment to the region,” said Peter Gleysteen, Founder, CEO, and CIO of AGL. “We are excited to continue expanding our presence in the GCC. Michael’s deep institutional credit experience and knowledge of the regional market make him exceptionally well positioned to lead this next phase of our growth.”
“We are pleased to welcome AGL Credit Management to ADGM’s growing financial ecosystem,” said Arvind Ramamurthy, Chief Market Development Officer, ADGM. “AGL’s decision to expand its regional presence from ADGM reflects Abu Dhabi’s continued appeal as a global financial hub and ADGM’s role as a trusted, business-friendly platform for global financial institutions. As Abu Dhabi’s international financial centre, ADGM remains committed to enabling global financial institutions to grow, connect and access opportunities across the region, while contributing to the continued depth and sophistication of the UAE’s financial services sector.”