LMR, the $9.8 billion hedge fund is opening a location in Dubai as part of its strategy to grow within the UAE. The London-based company has a licence from the DIFC and is upbeat about opportunities in the UAE, which has emerged as the top destination for foreign millionaires. According to a source with knowledge of the situation, LMR Partners will initially have six employees.
The insider, who asked to remain anonymous since the information is private, claimed that LMR was occupying space in the ICD Brookfield Place and that its office could accommodate between 25 and 30 people.
Iain Raskin and Sebastian Gorga, portfolio managers who were formerly located in Hong Kong, are among those who are migrating from other locations, and half of the company’s staff in Dubai are new hires, according to the source. For some of its portfolio managers who conduct international business, Dubai is considered as a more convenient time zone.
LMR has joined Izzy Englander’s Millennium Management and Michael Gelband’s ExodusPoint Capital Management in moving into Dubai. LMR’s traders participate in a variety of strategies and asset classes, including stocks and fixed income. Dubai is quickly becoming a preferred location for international bankers, who are lured to it by its tax-free status, ease of conducting business, and attraction as a centre for international travel.
Additionally, it is a more accommodating time zone for portfolio managers with international investments spanning Asia to North America. According to the official register of the finance centre, several well-known funds, like Brevan Howard and Squarepoint Capital LLP, have also recently acquired licences to operate in Dubai. LMR, which already has locations in Glasgow, London, Hong Kong, New York, and Zurich, now has six offices worldwide and employs roughly 190 people. One of the multinational corporations seeking to increase its presence in the Middle East is Habib Bank Zurich. The global bank with its headquarters in Switzerland declared last month that it was expanding its reach by opening a new office in DIFC. Clients will have access to a targeted platform for wealth preservation and legacy planning at the new site.
