Verition Fund Management has become the latest hedge fund to announce plans to open an office in Dubai, following a host of other managers who have expanded to the UAE's financial hub, including BlueCrest, Millennium Management and ExodusPoint Capital Management, according to a report by Reuters.
Verition Fund Management has become the latest hedge fund to announce plans to open an office in Dubai, following a host of other managers who have expanded to the UAE's financial hub, including BlueCrest, Millennium Management and ExodusPoint Capital Management, according to a report by Reuters.
The report cites a statement from the Dubai International Financial Centre (DIFC) as confirming that the Greenwich, Connecticut-based firm, which oversees about $7.3 billion in assets, has been licensed to manage assets and conduct other financial services activities.
The multi-strategy firm has appointed Saad Mahmood as senior executive officer of the Dubai office, and is expected to start with a headcount of 15 and grow the operation from there.
In April, DIFC Governor Essa Karim revealed that the DIFC has about 60 hedge funds collectively managing over ¢1 trillion in assets, waiting to be licensed.
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