Tony Chedraoui’s hedge fund Tyrus Capital is in the process of shutting down operations in London and relocating to Abu Dhabi.
The money manager is relocating its office to the growing Middle Eastern hub and some London based staff have been offered the chance to move to Abu Dhabi, Monaco or Spain, according to a representative. Tyrus’s Abu Dhabi Global Market entity was incorporated earlier this month, according to a filing.
The hedge fund firm, founded by Chedraoui, has applied to cancel its authorization with UK’s Financial Conduct Authority, a separate filing shows. Tyrus has an existing office in Monaco where Chedraoui is based, as well as an outpost in Barcelona, according to the company’s website.
Tyrus joins the flood of investment firms setting up in Abu Dhabi and Dubai to take advantage of the region’s tax-free status, deep-pocketed sovereign wealth funds and family offices, favorable trading time zones and a growing ecosystem of money managers. The hubs host some of the world’s biggest hedge funds from Brevan Howard Asset Management and Millennium Management to Balyasny Asset Management.
The UK has been particularly vulnerable to that exodus, as tax hikes and the removal of tax breaks on international earnings for non-domiciled residents has provoked some to move.
Chedraoui, a former Lehman Brothers proprietary trader and head of event-driven strategies at Deephaven Capital Management, founded Tyrus in London in 2009. The firm is best known for structuring trades for European corporates, event-driven trading and its private equity fund.
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