Key Takeaways
- • Verition Fund Management, a Greenwich, Connecticut-based multi-strategy hedge fund overseeing about $7.3 billion in assets, plans to open an office in Dubai, according to a Reuters report.
- • The Dubai International Financial Centre (DIFC) confirmed that Verition has been licensed to manage assets and conduct other financial services activities.
- • Saad Mahmood has been appointed senior executive officer of the Dubai office, which is expected to start with 15 staff.
- • Verition joins a growing group of hedge funds expanding to Dubai, including BlueCrest, Millennium Management and ExodusPoint Capital Management.
- • DIFC Governor Essa Karim said in April that about 60 hedge funds managing collectively over $1 trillion were awaiting licensing in the centre.
Summary
Verition Fund Management has become the latest hedge fund to announce plans to open an office in Dubai, according to a report by Reuters. The Greenwich, Connecticut-based multi-strategy firm, which oversees about $7.3 billion in assets, follows a number of managers that have expanded to the UAE's financial hub, including BlueCrest, Millennium Management and ExodusPoint Capital Management.
The Reuters report cites a statement from the Dubai International Financial Centre (DIFC) confirming that Verition has been licensed to manage assets and conduct other financial services activities. The firm has appointed Saad Mahmood as senior executive officer of the Dubai office, which is expected to begin with a headcount of 15 and grow from there.
The move reflects the continued momentum of hedge fund relocations and expansions into the DIFC. In April, DIFC Governor Essa Karim said the centre had about 60 hedge funds collectively managing more than $1 trillion in assets waiting to be licensed. The source reports this figure as "¢1 trillion"; the figure is presented here as $1 trillion given the context of hedge fund assets.
The Reuters report cites a statement from the Dubai International Financial Centre (DIFC) confirming that Verition has been licensed to manage assets and conduct other financial services activities. The firm has appointed Saad Mahmood as senior executive officer of the Dubai office, which is expected to begin with a headcount of 15 and grow from there.
The move reflects the continued momentum of hedge fund relocations and expansions into the DIFC. In April, DIFC Governor Essa Karim said the centre had about 60 hedge funds collectively managing more than $1 trillion in assets waiting to be licensed. The source reports this figure as "¢1 trillion"; the figure is presented here as $1 trillion given the context of hedge fund assets.
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