There isn’t a week one doesn’t come across articles that outline how hedge funds etc are moving to the Middle East. Apart from a couple of internal PMs moving, are any firms actually hiring in the region or is it all a fundraising exercise? Curious to hear about the landscape and if there are any firms outside the handful platforms.
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Bump, moving out there in Sept so curious to know about hiring in Abu Dhabi & Dubai.
Joining which HF?
Legatum
Is that an NGO? What’s their track and AuM if not?
I know Brookfield have set up a base camp up there, Millenium has been also seen hiring in Dubai. Other than that it seems pretty sparse there are a few other pretty boutique hedge funds.
The main players there for a good amount of time that will be dominating the hiring market will be the government linked entities or sovereign funds.
Bump
Its legitimate. The DIFC freezone have something like 50 funds in approval stage. Most US brand name funds are building out there. Its a bit of a sweet spot for talent, low tax, very safe, family friendly, weather is good. Funds can draw on European talent seeking tax breaks, Indian talent seeking better payouts as well as Sing and HK investors. Also seen a lot of Russian nationals attracted from Euro trading hubs.
The major tax advantages are not there for US citizen individual employees though due to world wide income tax - so worth doing your homework on what you'll actually net.
So there must be tons of hiring. Who is hiring PMs/analysts?
pretty much all the multi Strats are considering Dubai talent but for the most part you need to get approved, relo an existing team member to be your representative on the ground and then you can start hiring aggressively on the ground. So the big wave is going to be Q1 2025 as bonuses etc start to payout.
I heard Empyrean is moving there
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