Billionaire Platt’s BlueCrest Gets Approval to Trade From Dubai - Bloomberg
Billionaire Michael Platt’s private investment firm has received full regulatory authorization in Dubai, which has emerged as a magnet for money managers in recent years.
BlueCrest Capital Management was issued a license from the Dubai Financial Services Authority on Tuesday, allowing it to hire traders to manage capital from the city, according to people familiar with the matter. The firm already has an office in the emirate and will be moving from the Dubai World Trade Centre to the Dubai International Financial Centre shortly, one of the people said.
The firm, which runs Platt’s wealth and that of his partners, joins others like Millennium Management and ExodusPoint Capital Management that have expanded operations to Dubai drawn by a slew of incentives, a favorable timezone and a low tax regime.
A spokesperson for BlueCrest declined to comment.
Overall, the DIFC is home to roughly 75 hedge funds, 48 of which have assets exceeding $1 billion each, and the sector employs over 1,000 people.
It’s not clear how much money Platt’s investment firm manages now, but a court document from 2022 described BlueCrest running $3.9 billion and allocating $15 billion in trading power to its managers. The firm has netted significant gains navigating the market turmoil sparked by US President Donald Trump’s move to impose tariffs on allies and rivals, Bloomberg News has reported.
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