Hamilton Lane Inc. and two Hong Kong hedge funds are expanding their operations in Dubai, joining a flurry of global peers opening offices in the Middle Eastern city. Hamilton Lane, a Pennsylvania-based private markets firm that manages and oversees nearly $950 billion, received a license from Dubai’s Financial Services Authority last month, according to regulatory filings. The firm’s chief financial officer, Jeffrey Armbrister, is among the executives listed as senior managers of the unit, reported by Bloomberg.
Welwing Capital and Jetha Global
Welwing Capital, a macro hedge fund, received a license last week, part of a growing trend of Asian investment firms seeking to join their Western counterparts in Dubai. Dymon Asia Capital and Alp Ercil’s Asia Research & Capital Management have expanded their operations in the emirate, Bloomberg News reported earlier.
Jetha Global joins the group. The technology-focused hedge fund is relocating its operations from Hong Kong to Dubai and hopes to complete the process by March, according to a person familiar with the matter. The fund, founded by Karan Danti, a former managing director at Tybourne Capital, returned about 38% last year, according to an investor letter. Hamilton Lane, Welwing and Jetha declined to comment.
Millennium Management and Balyasny Asset Management
The influx of some of the world’s largest asset managers and hedge funds, such as Millennium Management and Balyasny Asset Management, has boosted the industry’s workforce in Dubai to more than 1,000. Dubai and neighboring Abu Dhabi are becoming serious competitors to financial centers such as London and Hong Kong, taking advantage of the UAE’s tax-free status, favorable time zones and deep sovereign wealth funds.