Key Takeaways
- • Major hedge funds including Brevan Howard, Exoduspoint, Millennium, Cubist, and BlueCrest are actively expanding staff in the Middle East, with Brevan Howard's Abu Dhabi operation growing to approximately 40 employees and hiring Oualid Lahsini from Ares as MENA CEO.
- • Tax optimization and lifestyle factors are primary drivers of the regional migration, with low-tax environments, favorable weather, and proximity to family networks attracting hedge fund talent from Singapore, India, and Europe.
- • Talent flows reflect geographic arbitrage: Singapore-based managers are relocating due to rising cost of living, while Indian-origin hedge fund professionals are drawn by both financial advantages and proximity to home markets.
- • Millennium's Dubai office exemplifies the talent consolidation trend, hosting experienced traders including Sid Chaturvedi (ex-Goldman), Mudit Mehta (ex-Caxton), and Jasdeep Singh (ex-Goldman), alongside European and British professionals.
- • The migration signals a structural shift in hedge fund geography, with the Middle East positioning itself as a competing financial hub alongside traditional centers like Singapore and Switzerland.
Summary
The Middle East has emerged as a focal point for expansion among global hedge fund managers, driven by a combination of financial incentives and lifestyle considerations. Major industry players—Brevan Howard, Exoduspoint, Millennium, Cubist, and BlueCrest—are simultaneously scaling operations across the region, particularly in Dubai and Abu Dhabi. This coordinated expansion reflects a broader strategic pivot away from traditional financial hubs facing cost pressures and regulatory complexity.
Brevan Howard's Abu Dhabi operation exemplifies this trend, having grown to roughly 40 staff with the recent appointment of Oualid Lahsini, hired from Ares in August 2023 as CEO of the MENA business and head of client partnerships for MENA and Asia. Lahsini reports to Natalie Faye Smith, Brevan's New York head of strategy and client partnerships, while Jonathan Candy, head of the firm's Singapore office (joined from Graticule Asset Management in 2020), is reported to be assisting with recruitment efforts.
The motivations driving this migration are explicitly economic and lifestyle-oriented. According to Dan James, managing partner at hedge fund search firm Monroe Partners—which itself is opening a Dubai office—the region offers "a low tax environment with brilliant weather" and delivers "a great lifestyle for families." This combination addresses multiple pain points for global financial professionals: Singapore-based hedge fund managers, in particular, are being drawn away as living costs in that jurisdiction escalate, while Indian-origin professionals are motivated by both financial advantages and proximity to family networks in the subcontinent.
Millennium's Dubai presence underscores the diversity of talent flowing into the region, with the office hosting professionals of Indian, French, British, and Italian origin. Notable hires include Sid Chaturvedi and Jasdeep Singh (both ex-Goldman Sachs) and Mudit Mehta (ex-Caxton). This pattern indicates that the Middle East's appeal extends beyond tax optimization to broader considerations around quality of life and family proximity, making it increasingly competitive with established financial centers in attracting established investment professionals.
Brevan Howard's Abu Dhabi operation exemplifies this trend, having grown to roughly 40 staff with the recent appointment of Oualid Lahsini, hired from Ares in August 2023 as CEO of the MENA business and head of client partnerships for MENA and Asia. Lahsini reports to Natalie Faye Smith, Brevan's New York head of strategy and client partnerships, while Jonathan Candy, head of the firm's Singapore office (joined from Graticule Asset Management in 2020), is reported to be assisting with recruitment efforts.
The motivations driving this migration are explicitly economic and lifestyle-oriented. According to Dan James, managing partner at hedge fund search firm Monroe Partners—which itself is opening a Dubai office—the region offers "a low tax environment with brilliant weather" and delivers "a great lifestyle for families." This combination addresses multiple pain points for global financial professionals: Singapore-based hedge fund managers, in particular, are being drawn away as living costs in that jurisdiction escalate, while Indian-origin professionals are motivated by both financial advantages and proximity to family networks in the subcontinent.
Millennium's Dubai presence underscores the diversity of talent flowing into the region, with the office hosting professionals of Indian, French, British, and Italian origin. Notable hires include Sid Chaturvedi and Jasdeep Singh (both ex-Goldman Sachs) and Mudit Mehta (ex-Caxton). This pattern indicates that the Middle East's appeal extends beyond tax optimization to broader considerations around quality of life and family proximity, making it increasingly competitive with established financial centers in attracting established investment professionals.
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