DIFC Positions For Fund Management Growth

Tom Burroughes

13 September 2024

The is opening a funds centre in the first quarter of 2025, seeking to tap into an influx of hedge fund and other entities into the UAE.

Several firms have obtained regulatory approval to operate in the DIFC in recent months and years, such as multi-strategy hedge funds, fund platforms, investment management regulatory hosting solutions and global asset managers. Company names include Allfunds, Aster Capital Management, Bluecrest, Eisler Capital (DIFC) Ltd, JNE Partners, Polen Capital Management, Principal Investor Management (DIFC) Limited, TCW Investments, Tudor Capital and Westbeck.

“More than 400 firms in the sector now operate from DIFC, and to support the demand from hedge fund spinouts, fund platforms and boutique asset management firms, we are delighted to launch the DIFC Funds Centre,” Salmaan Jaffery, chief business development officer, DIFC Authority, said in a statement this week.

The initiative also highlights how Dubai competes with rival hubs such as Singapore, Switzerland, London, Luxembourg and Hong Kong to attract investment houses, banks and family offices. More than 400 wealth and asset management firms now operate in the DIFC, rising from 350 at the end of 2023.

“The DIFC Funds Centre will be ideal for companies and talent that are looking to scale-up, prefer access to a flexible range of working solutions, and enjoy peer-to-peer networking. Wealth and asset management applicants are welcome to join the waitlist now, with places being allocated on a first-come first-served basis,” DIFC said.

The centre adds to recent action plans of the DIFC such as partnerships with the Alternative Investment Management Association (AIMA), Deal Catalyst, HFM and the Standards Board for Alternative Investments (SBAI).

The DIFC cited figures from LSEG stating that the United Arab Emirates’ status as a booking centre is rising fast, with AuM expanding 9 per cent in 2023. It predicts that a further 6,700 high net worth individuals will move to Dubai this year.