Pharo Management has shifted partner Nicolas Sagna to its Abu Dhabi office, completing the relocation of its Africa fund team from New York and London, according to a report by Financial News London citing unnamed sources familiar with the matter.
Sagna, originally from Senegal, joined Pharo in January 2012 and manages the Pharo Africa Fund, which holds over $800m in assets and has gained nearly 26% year-to-date through October 2025. Prior to Pharo, he was head of Latin American structured products at Goldman Sachs in New York from 2006 to 2011.
The move comes following regulatory approval for Pharo’s Abu Dhabi vehicle, Pharo Manarah, by the emirate’s Financial Services Regulatory Authority in October. The relocation reflects a broader trend of hedge funds and senior investment talent moving to the Middle East to benefit from lower taxes, favourable trading time zones, and access to growing capital pools.
Abu Dhabi and Dubai have become increasingly popular among hedge funds. Brevan Howard, which opened its Abu Dhabi office in 2023, now employs over 100 staff there. Similarly, ExodusPoint Capital Management and North Rock have moved senior portfolio managers to Dubai this year to expand macro trading operations.
Pharo manages approximately $7bn in assets across its funds and is positioning the Abu Dhabi office as a hub for its regional operations.
