Has anyone heard of them? They acquired Danmarks Skibskredit (Danish Ship Finance) last year and have both a public and private investment team and are hiring at various levels.
Any info on who they are, wlb, comp, AuM would be much appreciated.
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From BBG:
A former trader at hedge fund startup has lodged complaints with regulators in Dubai and London against a senior executive, claiming what she described as “regulatory breaches” at the firm.
In complaints filed with the Dubai Financial Services Authority and Britain’s Financial Conduct Authority, Britney Lam alleged that the firm’s Senior Executive Officer Ahmed Omar tried to conceal his investment losses and prevented staff from flagging risks to an external compliance officer.
Lam departed Magellan late last year, just a few months after she joined the firm, and is no longer based in Dubai. A two-decade veteran of the financial industry, she was a key part of Magellan’s plan to start one of the biggest homegrown hedge funds in Dubai.
“The breaches committed by Mr. Ahmed as the SEO are alarming and pose as significant reputational risks for the DFSA and Dubai as a global financial hub with investment ethics,” according to the complaints, copies of which were reviewed by Bloomberg News.
Lam said she’d flagged her concerns in a whistle-blower letter to Magellan’s board before reaching out to the regulators.
“Magellan Capital Limited has not had any contact from its regulators about this and currently does not hold or control client money,” a spokesperson for the firm said. “Further, neither Magellan Capital Limited nor any of its group entities is regulated by the FCA.”
Omar didn’t respond to requests for comment, while Lam and representatives for Britain’s FCA declined to comment.
“We are aware of the matter; however, as a policy, the DFSA does not comment on whether it is conducting an investigation,” the Dubai Financial Services Authority said in a statement.
Magellan is expected to launch with about $700 million in capital to focus on running equity and credit strategies. Its seed capital comes from a wealthy Middle Eastern family.
Don't know about the article mentioned above, but know some people who work at this FO personally. Generally, I think it's a great place to work - if you consider all pros and cons of Dubai, of course. The founder sold his shipping business a few years ago basically making 1bn+, and decided to bring in talent and set everything up in a more institutional way. From my interactions with them I understand you can gain strong exposure early on as you're still "building out" the practice... if you like to step up and take ownership I would recommend this place.
Strategy-wise, they're focused on public markets (global), co-investments (global), direct lending (EMEA focus), direct investment (PE-style, EMEA focus). Leadership team when I met them was Hassan Elali, Ahmed Omar, and Omar Elali. Hope that helps
Oh hi Ahmed hope all is well
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