- Verition Fund Management is opening an office in Dubai, joining other industry leaders Millennium Management and ExodusPoint Capital Management. The Greenwich-based firm has hired former Morgan Stanley executive Saad Mahmood to lead its Dubai outpost.
Dubai has become a top choice for hedge fund traders due to its business-friendly environment, tax benefits, and global travel appeal. The city's financial center is in talks with over 50 hedge funds to set up operations. Verition differentiates itself by trading niche strategies with smaller capacities to manage money.
Why it matters
Over the past four years, the company has increased its assets from $1 billion to over $7 billion and has expanded its staff to approximately 400, which is three times its previous size. According to an investor letter obtained by Bloomberg, the firm's multi-strategy fund has achieved an annualized return of 12.5% since its inception in 2008 until May of this year. Currently, the fund operates offices in Greenwich, New York, London, Singapore, and Hong Kong.