Hedge Fund Gemcorp Plots Abu Dhabi Office in Private Credit Push - Bloomberg
London-based hedge fund Gemcorp Capital is looking to add a trading office in Abu Dhabi later this year.
The emerging markets-focused hedge fund plans to place 15 people in a new United Arab Emirates hub within the first year, according to a representative for the firm. The office will also seek further opportunities in Africa and other emerging markets, the representative said.
A key focus will be on private credit — a relatively new asset class in the region after an explosion in popularity among money managers worldwide.
The hedge fund, which manages around $1.2 billion of assets, already operates a representative office in neighboring Dubai. It hired Simon Penney, a former UK trade commissioner in the Middle East, last year to run its operations in the region.
Gemcorp joins a raft of finance companies laying down roots in Abu Dhabi, which had 1,825 operational entities at the end of last year, up by a third from 2022. Abu Dhabi Global Market, the emirate’s financial free-zone, said it’s been the fastest-growing hub in the region for two consecutive years.
Brevan Howard Asset Management recently turned Abu Dhabi into its biggest risk-taking center, running about $10 billion and growing its local team to more than 80 since opening last February. Goldman Sachs Group Inc., Rothschild & Co. and Morgan Stanley are among other global financial firms opening offices in the emirate.
Gemcorp also has plans for a $1 billion fund for inward investment into Saudi Arabia, which will be run by separately regulated fund managers and available to both global and domestic investors.
Atanas Bostandjiev founded Gemcorp in 2014 and runs investment strategies ranging across direct lending, trade finance, private equity, and opportunistic credit and macro trading.
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