Dubai Hedge Funds: New Platform Seeks to Fast-Track Boom in DIFC - Bloomberg
Capricorn Fund Managers Ltd. is starting a regulatory hosting platform in Dubai that seeks to help hedge funds and investment companies quickly start operations in the city’s financial hub.
The London-based firm will allow investment managers to carry out regulated activities under its license at the Dubai International Financial Centre, according to a statement.
“Through Capricorn’s hosting solution, we are adding a new route for managers to get licensed and operational in Dubai,” said Salmaan Jaffery, chief business development officer of the DIFC.
Regulatory hosting platforms offer services that enable firms to cut costs. They also help with many of the administrative aspects of business, leaving investment managers free to focus on making money.
Dubai has emerged as a magnet for hedge funds over the past few years. Industry giants from Millennium Management to Balyasny Asset Management have all expanded operations in the Gulf city, drawn by a slew of incentives, a favorable timezone and a low tax regime.
The influx has pushed the hedge fund industry’s headcount in Dubai to over 1,000, and its financial freezone has seen employee numbers surge by two-thirds since 2019 to nearly 44,000. The DIFC now houses more than 400 wealth and asset management firms, including more than 60 hedge funds.
Capricorn Fund Managers is part of the Capricorn Group, a family-owned business that has been involved in alternative investments since 1994 and investment management since 2003.
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