Verition Fund Management, a multi-strategy, multi-manager investor adviser headquartered in Greenwich, Connecticut, has opened an office in Dubai International Financial Centre (DIFC).
The firm, which manages around $7.3bn across its strategies, with over 400 employees globally, has been licensed by the Dubai Financial Services Authority to manage assets and conduct certain other financial services activities.
Saad Mahmood has been appointed as senior executive officer of Verition (DIFC) and will lead the growth of the local office.
In the DIFC statement, Veriton said the UAE and the wider MENA region were important markets for it, and the new presence will further enhance its ability to attract global investment talent as well as capture important regional market opportunities.
Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore, and Hong Kong.
Josh Goldstein, Verition's co-founder and president said: "We are excited to continue our international expansion with the addition of a Dubai office. The opportunity to live and work in Dubai is especially appealing to our current and prospective portfolio managers.
"The region offers a friendly time zone for traders with a global investment mandate, lower taxes, and excellent infrastructure. We look forward to being an important part of a growing global investment hub in the EMEA region."
Salmaan Jaffery, chief business development officer, DIFC Authority said: "DIFC is delighted to welcome Verition to Dubai. As the number and scope of hedge funds established in DIFC grows, the ecosystem is developing around these world-class firms, as well as prime brokers and trading technology start-ups.
"DIFC's remarkable growth, which in part is being fuelled by hedge funds like Verition, enables us to significantly contribute to Dubai's ambition to be one of the world's top three cities for business and drives DIFC's strategic position as a global hub for hedge funds."
