Marshall Wace, one of London’s largest hedge funds managing $69bn in assets, has opened an office in Abu Dhabi, making it the latest hedge fund major to join the influx of finance firms into the United Arab Emirates, according to a report by Bloomberg.
The new office will initially accommodate about six employees, with discussions underway about relocating a partner to the UAE capital, according to a source familiar with the matter. The move aligns with a trend of wealth and asset managers expanding to Abu Dhabi, home to one of the world’s wealthiest families and sovereign wealth funds managing an estimated $1.7tn in assets.
Marshall Wace joins a growing list of global financial firms bolstering their presence in Abu Dhabi. London-based Brevan Howard Asset Management has already made the city its largest trading hub, relocating dozens of staff to oversee billions of dollars.
High-profile billionaires, including Ray Dalio, Radovan Vitek, Nassef Sawiris, and crypto mogul Changpeng “CZ” Zhao, have also set up businesses in Abu Dhabi, signalling its growing appeal as a global financial centre.
Neighbouring Dubai has similarly positioned itself as a major player, hosting offices of nearly 50 firms managing over $1bn each, with the sector employing more than 1,000 people.
Founded by Paul Marshall and Ian Wace, and partially owned by private equity firm KKR, Marshall Wace specialises in equity long-short strategies. Its flagship $22bn Eureka hedge fund has delivered a strong 14% return year-to-date through November.
