BlueCrest Capital Management, Michael Platt’s hedge fund-turned family office, has secured full regulatory approval to operate in Dubai, marking a significant milestone in its international expansion strategy, according to a report by Bloomberg.
The reportc it’s unnamed sources familiar with the matter as confirming that The Dubai Financial Services Authority (DFSA) granted BlueCrest a license this week, enabling the firm to hire Portfolio Managers and trade capital directly from the emirate. The move will see BlueCrest relocate its existing Dubai operations from the Dubai World Trade Centre to the Dubai International Financial Centre (DIFC) in the coming weeks.
The approval places BlueCrest among a growing cohort of global hedge funds and asset managers – including Millennium Management and ExodusPoint Capital Management – that are establishing or scaling up their presence in Dubai, drawn by the city’s strategic location, tax-efficient regime, and robust financial infrastructure.
While BlueCrest no longer manages outside capital – having returned investor funds in 2015 to transition into a private investment partnership managing Platt’s own wealth and that of key partners – the firm remains a heavyweight in global trading. A 2022 court filing indicated it was running $3.9bn in assets, with an additional $15bn in trading power allocated to its portfolio managers.
Dubai’s DIFC has rapidly become a key hub for alternative investment managers, now hosting around 75 hedge funds, including 48 managing over $1bn each. The sector collectively employs more than 1,000 professionals, according to the latest figures.
BlueCrest declined to comment on the new license or operational plans.
