Nabil Oujjane, the founder of multi-strategy hedge fund firm Aster Capital Management, which manages funds on behalf of Schonfeld Strategic Advisors, is relocating from London to Dubai, joining the growing number of portfolio managers operating from the emirate, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Ouajjane, along with four colleagues, is planning to move to a new office in Dubai within the year.

Ouajjane, previously a money manager at BlueCrest Capital Management, oversees a quantitative equity strategy and employs 14 people across offices in London and New York. The London office will continue to operate, a source confirmed.

Dubai's strategic timezone and favourable tax regime has attracted several major hedge fund firms including Izzy Englander’s Millennium Management, Michael Platt’s BlueCrest and Balyasny Asset Management, while Brevan Howard Asset Management now manages more funds from neighbouring Abu Dhabi than any other global location.