British hedge fund Man Group Plc (EMG.L), opens new tab has applied for a licence to open an office in Abu Dhabi next year, joining a growing number of asset managers and traders establishing a presence in the region, it said on Friday.
The $214 billion hedge fund plans to use the base, if approved, to make investments, execute trades, train employees and meet investors, it said in a statement seen by Reuters.
Bloomberg first reported the news.
"Abu Dhabi has established itself as a dynamic and important global financial centre with a strong focus on innovation and AI, which aligns well with our business," a Man Group spokesperson said, adding that the licence application was a natural progression for the firm, underscoring its commitment to the Middle East.
Man Group, which operates a host of different strategies and funds, posted a 22% increase in assets under management to a record $213.9 billion in the 12 months to September 30.
Its AHL Alpha fund returned 2.32% in November while multi-strategy fund Man Strategies 1783 finished the month roughly flat, the group's website said. The funds are up 3.09% and 12.47%, respectively, for the year to end-November.
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