Dubai is fast becoming a new hedge fund hotspot with a clutch of managers swapping more traditional locations for the emirate, according to a report by Bloomberg.

Millennium Management, the hedge fund firm founded by Izzy Englander, now employs around 30 staff in Dubai having secured a license to operate in the International Finance Centre (DIFC) in 2020, while All Blue Capital shaped its previous London HQ to base it's global operation in Dubai with almost half of the company's global staff now based there.

While Brexit has spurred some funds to seek new bases away from the City of London, the DIFC has also introduced a number of incentives designed to increase Dubai's appeal including reduced licensing fees and capital requirements for hedge funds domiciling a domestic fund. Firms based in the DIFC currently manage around $450 billion worth of assets.