Balyasny Asset Management has become the latest hedge fund to expand operations to Dubai with the opening of a new office next year, according to a report by Bloomberg.
The report cites an unnamed source as revealing that the $17bn firm is aiming to go live in Dubai during the first quarter of 2023 from premises in the ICD Brookfield Place. The new office will initially accommodate 20 people.
Dubai has already attracted some of big-name managers with both Izzy Englander's Millennium Management, Michael Gelband's ExodusPoint Capital Management, and Michael Platt's private investment firm BlueCrest Capital Management all establishing a presence in the emirate.
Its Dubai decision was in response to demand from existing and prospective portfolio managers who have already signed up to move to the city, the source further said.
Traders specialising in strategies across equities, macro, credit and commodities will be housed in Dubai's trading centre and support staff gradually added.
