UK’s Man Group seeks to re-enter UAE

London-based hedge fund Man Group reportedly plans to seek a licence to open an office in Abu Dhabi, joining the rush of global asset managers expanding into the Middle East.

The company, which oversees $214 billion in assets, intends to set up a regional hub in the UAE capital next year, Bloomberg reported.

The hedge fund ran its regional operations from the Dubai International Financial Centre between 2005 and 2016, but that office was closed along with a number of other international branches for strategic reasons, the report said.

“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 company spokesperson said.

Man Group’s planned operations will include distribution, investment, trading and execution, the report said.

In September Abu Dhabi Global Market, a financial free zone in the UAE capital, said it recorded its best half-year performance since its inception 10 years earlier.  It granted 1,869 new licences, a 47 percent year-on-year increase, bringing the number of active licences to 11,128.

Further reading:

• AI is a friend, not foe, for Gulf asset managers
• Saudi Arabia demands more from global asset managers
• Global hedge funds expand presence in Dubai and Abu Dhabi