GoldenTree Asset Management has become the latest hedge fund to announce plans to extend operations to Dubai, with news that the New York-based credit trading specialist is to open a new 'representative office' in the Dubai International Financial Centre.

GoldenTree Asset Management has become the latest hedge fund to announce plans to extend operations to Dubai, with news that the New York-based credit trading specialist is to open a new 'representative office' in the Dubai International Financial Centre (DIFC).

According to a statement released by the firm, former Ares Management executive Han Gurer has been appointed to oversee business development in the region, reporting directly to chief executive officer Kathy Sutherland. At Ares, Gurer served as a principal, leading strategy and relationship management. 

The Dubai office will become GoldenTree’s ninth location, with offices already active in New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney and Tokyo. 

GoldenTree joins a growing list of hedge funds, including Millennium Management, ExodusPoint Capital Management and Balyasny Asset Management, to open offices in Dubai, and more could be set to follow with the DIFC reportedly in talks with more than 50 firms managing over $1 trillion in assets about setting up operations in the emirate.