JJJ Capital Management, a hedge fund founded by former traders from Moore Capital Management, is setting up operations in Dubai, becoming the latest firm to join the growing hedge fund migration to the United Arab Emirates.
Led by Joeri Jacobs, JJJ recently obtained authorisation to operate in Dubai, according to sources familiar with the matter. Records from the Dubai International Financial Centre (DIFC) show Darius Berendji, the firm’s Chief Financial Officer, and Lucca Norton, a partner, registered as directors of the Dubai unit.
A representative for JJJ Capital declined to comment.
Dubai has emerged as a key destination for hedge funds, lured by its attractive combination of zero personal income tax, political stability, proximity to vast pools of capital, and a favourable time zone that bridges global markets. Over 60 hedge funds now have offices in the city, including major players Millennium Management and Schonfeld Strategic Advisors, with more than four dozen managing assets exceeding $1bn each.
Neighbouring Abu Dhabi has also made strides in attracting financial heavyweights. Notably, Marshall Wace and Brevan Howard Asset Management have recently established operations in the UAE capital.
JJJ Capital was spun off from Moore Capital in 2023 by Jacobs and his colleagues Roshan Patel, Lucca Norton, and Haroon Sana. Specializing in inflation and fixed-income trading, the fund launched with over $3bn in assets under management, including $1bn from Moore Capital, according to previous Bloomberg reports.
