More and more hedge funds are now taking the plunge to Dubai

Hedge funds now setting up in Dubai to access talent pool

Global hedge fund managers are increasingly looking towards the Middle East as an attractive destination to establish their presence, drawn by a robust talent pool and access to a rapidly growing asset base according to reports .

Last month, the Dubai International Financial Centre (DIFC), a global financial hub serving the Middle East, Africa, and South Asia since its inception in 2004, announced the names of five prominent hedge funds that had set up regional offices within the hub during the second quarter. These include Hudson Bay Capital, Asia Research and Capital Management Ltd., King Street Capital Management, Balyasny Asset Management, and Verition Fund Management LLC.

These firms have joined the ranks of numerous other asset managers listed in the DIFC's public register, including Schroder Investment Management Ltd., MFS International (U.K.) Ltd., and FIL Distributors International Ltd. (Fidelity International).

The DIFC revealed that the five hedge fund firms would relocate key personnel to the hub for activities related to portfolio management and investor relations. The DIFC has expressed its ambitions to compete with other financial centres such as Singapore, Hong Kong, and other jurisdictions, aiming to attract hedge fund businesses away from traditional global hubs like London and New York.

Forty-five hedge funds competing for regulatory approval in a competition to establish a presence in Dubai.

The trend has been led by multi-strategy hedge fund managers, with six out of the eight largest multi-strategy hedge funds in the United States now having established offices in Dubai. These firms include Millennium, Point72, Balyasny Asset Management L.P., Schonfeld, ExodusPoint Capital Management, LP, and most recently, Hudson Bay Capital Management LP.

This translates to three-quarters of the multi-strategy hedge funds in the United States with assets exceeding $10 billion now having offices in Dubai. Additionally, Verition Fund Management LLC, with $7 billion in assets, joined the ranks of U.S. multi-strategy firms that opened a Dubai base earlier this year.

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