Key Takeaways
- • JPMorgan relocated Duncan Barclay, a senior EuroStoxx trader, from London to Dubai at his request; the bank declined to comment on the move.
- • Trader migration to the UAE is concentrated in hedge funds, with Jain Global opening a Dubai office and several London traders leaving banks for Emirates-based funds since the Middle East war broke out in February.
- • Some moves are reversing: Daniel Dangoor left Goldman Sachs London for ExodusPoint in Dubai in June and has since left again, while Citadel's London office hired David Caulfield from Millennium in Dubai.
- • The UK Foreign Office warned of deep unpredictability and high escalation risk in the Middle East, citing possible flight cancellations and airspace closures.
Summary
According to eFinancialCareers, a senior JPMorgan EuroStoxx trader, Duncan Barclay, moved from London to Dubai after requesting the transfer. The bank agreed, and Barclay is understood to have recently arrived in the city. JPMorgan declined to comment on the relocation. The publication notes that internal moves to the UAE are less common at banks than at hedge funds, which have embraced the Emirates for its low tax environment.
Barclay's move follows a broader pattern of London traders leaving banks for hedge funds in the Emirates since war in the Middle East broke out in February. Daniel Dangoor left Goldman Sachs in London for ExodusPoint in Dubai in June, but has since departed again, illustrating that some relocations are being reversed.
The move comes as the British government updated its travel advice for the Middle East, warning that "the context in the Middle East remains deeply unpredictable and the risk of sudden escalation is high" and advising British nationals to prepare for possible flight cancellations, airspace closures and travel disruption.
Finance professionals in the region argue that tax considerations outweigh these risks. One senior trader cited high UK taxes as the decisive factor. Traffic in the other direction also exists: Citadel's London office recently hired David Caulfield, an equities portfolio manager from Millennium in Dubai, and Raphael Magrath, previously a commodities trader for a fund in Rio de Janeiro. A London salesperson, however, said he would not relocate, citing the personal cost of extended periods away from family.
Barclay's move follows a broader pattern of London traders leaving banks for hedge funds in the Emirates since war in the Middle East broke out in February. Daniel Dangoor left Goldman Sachs in London for ExodusPoint in Dubai in June, but has since departed again, illustrating that some relocations are being reversed.
The move comes as the British government updated its travel advice for the Middle East, warning that "the context in the Middle East remains deeply unpredictable and the risk of sudden escalation is high" and advising British nationals to prepare for possible flight cancellations, airspace closures and travel disruption.
Finance professionals in the region argue that tax considerations outweigh these risks. One senior trader cited high UK taxes as the decisive factor. Traffic in the other direction also exists: Citadel's London office recently hired David Caulfield, an equities portfolio manager from Millennium in Dubai, and Raphael Magrath, previously a commodities trader for a fund in Rio de Janeiro. A London salesperson, however, said he would not relocate, citing the personal cost of extended periods away from family.
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