In an effort to strengthen its position as a global hub for alternative investments, the Dubai International Financial Centre has signed a preliminary agreement with the Alternative Investment Management Association and welcomed five more international hedge funds.More than 2,100 corporate members of AIMA represent $2.5 trillion in assets from hedge funds and/or private loans.
During the second quarter of this year, the five international hedge funds established their regional presence in the center, as per DIFC. They consist of King Street Capital, an alternative asset manager with more than $23 billion across an institutional platform, Hudson Bay Capital, a multibillion-dollar hedge fund operating in Greenwich, New York, Miami, and London, and Asia Research and Capital Management, a privately owned asset management company based in Hong Kong.
During the months of April to June, Verition Fund Management, which oversees $7.3 billion in worldwide assets and employs more than 1,000 investment professionals, and Balyasny Asset Management also established themselves in the DIFC. Senior staff of the companies will move to DIFC to work on investor relations and portfolio management projects, according to the statement. Meanwhile, TPG Global, Rockpoint, and CVC Capital Partners are three new private equity firms that opened offices in the center.
“DIFC is delighted to be the first financial centre in the region to partner with AIMA,” said Arif Amiri, chief executive of DIFC Authority.
By giving the alternative investment sector a strong and well-connected environment that enables them to effectively manage their worldwide portfolios, DIFC is "driving the future of finance," according to Mr. Amiri. Due to its friendlier tax laws and ease of doing business, the emirate has been a preferred location for international investment firms, hedge funds, and financial institutions.