Balyasny Asset Management has become the latest hedge fund to expand operations to Dubai with news that it is to open a new office in the emirate next year, according to a report by Bloomberg.

The report cites an unnamed source as revealing that the $17 billion firm is planning to commence operations in Dubai during the first quarter of 2023 from premises in the ICD Brookfield Place. The new office will initially accommodate  20 people.

Dubai has already attracted some of big-name managers with both Izzy Englander's Millennium Management, Michael Gelband’s ExodusPoint Capital Management, and Michael Platt’s private investment firm BlueCrest Capital Management all establishing a presence in the emirate.

Balyasny says its Dubai decision is in response to demand from existing and prospective portfolio managers who have already signed up to move to the city, the person said. Traders specialising in strategies across equities, macro, credit and commodities will be housed in Dubai’s trading centre and support staff gradually added.