Saturday, April 20, 2024

QRT and Walleye continue multi-strat migration to Dubai

Photo by Wael Hneini on Unsplash

The multi-strat migration to Dubai continues, with Walleye Capital and Qube Research & Technologies (QRT) joining the leading firms in the region.

Hedge fund moves to the Middle-East have been a major trend since the pandemic, as hubs including Dubai and Abu Dhabi prove attractive bases for new satellite offices.

Multi-strategy hedge fund managers have spearheaded the trend, with six of the eight largest US multi-strats now with offices in Dubai: Millennium, Point72, Balyasny, Schonfeld, ExodusPoint and, most recently, Hudson Bay.

That means three-quarters of the $10bn-plus US multi-strats have Dubai offices. And Verition Fund Management, with $7bn, was another recent US multi-strategy firm to open a base in Dubai earlier this year.

QRT announced this week that it is now fully operational in the Dubai International Financial Centre. It is QRT’s eighth global location, joining hubs in the European and Asian centres of London, Paris, Singapore, Hong Kong, Zurich, Shanghai and Mumbai.

Of the nine multi-strat managers running more than $10bn in AFI’s inaugural industry Power List, London-headquartered QRT was one of just two based outside North America.

After opening its first international office in London, Minnesota-based Walleye Capital has been expanding quickly in recent months and plans to open an office in Dubai, according to Bloomberg.