Balyasny Asset Management (BAM) is set to expand its presence in the United Arab Emirates, with the $29bn multi-strategy firm preparing to open an office in Abu Dhabi’s ADGM, two years after establishing its first regional base in Dubai, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that BAM has filed an application with ADGM regulators and aims to begin operations in the first half of 2026. The firm, led by founder and CIO Dmitry Balyasny, currently operates from the Dubai International Financial Centre (DIFC), where it opened in 2023.
The move places BAM among a growing cohort of global hedge fund managers building a dual-emirate presence as the UAE consolidates its position as a major hub for alternative investment firms. Hudson Bay Capital is the latest to open in Abu Dhabi while maintaining operations in Dubai, following earlier expansions by Millennium, Marshall Wace and Brevan Howard.
While Dubai continues to attract substantial private wealth – with DIFC-based family offices managing over $1tn in assets – Abu Dhabi offers direct proximity to deep pools of institutional capital. The $1.1tn Abu Dhabi Investment Authority (ADIA) has been increasing its deployment to hedge funds via separately managed accounts, and local alternatives firm Lunate has stepped up activity, including taking a stake in Brevan Howard and committing $2bn to a new Abu Dhabi-based platform this year.
