Brevan Howard Asset Management is the latest big name hedge fund firm to expand its presence in the Middle East with news of plans to open a new office in Abu Dhabi in the United Arab Emirates (UAE), according to a report by Bloomberg.

Brevan Howard Asset Management is the latest big name hedge fund firm to expand its presence in the Middle East with news of plans to open a new office in Abu Dhabi in the United Arab Emirates (UAE), according to a report by Bloomberg. 

The Jersey, Channel Islands-based investment firm, is joining the likes of Balyasny, Millennium and ExodusPoint who have either already set up operations, or are soon to do so, in the UAE, which is fast becoming a major hedge fund hub. 

The report cites unnamed sources as revealing that Brevan Howard, which is best known for macro trading and more recently for a digital assets investment initiative, is planning to have around 100 staff based in the region.

Like neighbouring Dubai, Abu Dhabi, whose sovereign wealth funds oversee more than $1.2 trillion, is proving attractive to a growing number of hedge fund traders in art due to its lack of tax, but also its geographic location midway between Europe and Asia's biggest markets.