Hamilton Lane and Hong Kong-Based Firms Lead the Move to the Middle East
Hamilton Lane Inc., a Pennsylvania-based asset manager with nearly $950 billion under management and supervision, is the latest firm to expand its presence to Dubai, joining a wave of global financial companies establishing offices in the Middle Eastern hub. The firm recently obtained a license from the Dubai Financial Services Authority, according to regulatory records. Jeffrey Armbrister, Hamilton Lane’s chief financial officer, is registered as one of the senior managers of the Dubai unit.
PC: Arabian Business
The move aligns with a broader trend of global and regional asset managers being drawn to Dubai’s business-friendly environment. Macro hedge fund Welwing Capital, based in Hong Kong, also secured a license to operate in the emirate last week. Other prominent Asian hedge funds, including Dymon Asia Capital and Alp Ercil’s Asia Research & Capital Management, have similarly expanded their operations to Dubai, as previously reported by Bloomberg News.
Among the newcomers is Jetha Global, a tech-focused hedge fund launched by Karan Danthi, who previously was a senior partner at Tybourne Capital. The fund is relocating its operations from Hong Kong to Dubai and expects to be fully operational there by March, said a person familiar with the matter. Jetha Global has already shown impressive performance, with an estimated 38% return last year, according to an investor letter reviewed by Bloomberg.
These developments reveal a rising allure for Dubai as an international financial destination, equaling other leading locations such as London and Hong Kong. It, along with sister emirate Abu Dhabi, is blessed by the absence of tax policies, good time zone considerations for transregional businesses, and vast capitals from sovereign wealth funds in the UAE.
Major asset management companies, such as industry heavyweights Millennium Management and Balyasny Asset Management, have bolstered the emirate’s financial sector in an unprecedented way. The hedge fund sector in the emirate has added more than 1,000 professionals to its ranks, showing tremendous growth and now playing a significantly important role globally on the map of finance.
Hamilton Lane representatives, Welwing Capital representatives, and Jetha Global refused to comment about their recent decisions.
This is further evidenced by the fact that more and more hedge funds and asset managers are capitalizing on the strategic advantages of the region. As Dubai continues to foster a business-friendly environment, it positions itself as the most favored destination for financial institutions all over the world.
