Calibrate Partners, the London-based hedge fund founded by former Morgan Stanley executive John White, has opened an office in Dubai as part of its international expansion, according to a report by Financial News London citing people familiar with the matter. The firm has relocated Co-Founder and Head of Distribution Michela Ferrulli to the emirate and has applied for a local licence, which is expected to be approved in the coming weeks. Founded in 2021, Calibrate manages around $1bn in assets and launched an equity long/short strategy later that year. It expanded its platform in February 2025 with the launch of a discretionary macro fund trading across equities, foreign exchange, rates, bonds, rates, and commodities. The firm strengthened its investment team last year with the hire of former Eisler Capital portfolio manager Eric Lonergan. Calibrate’s move comes as hedge funds continue to expand their presence in the Middle East, attracted by favourable tax regimes and growing pools of regional capital. Major managers including Millennium Management, Balyasny Asset Management, Point72, Qube Research, Schonfeld, Verition, and Hudson Bay have established offices in Dubai. Despite the growth, the city remains smaller than established hedge fund centres such as New York and London, which continue to host the largest concentrations of hedge fund headquarters globally.