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Marshall Wace to open new Abu Dhabi office

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Marshall Wace, the $64bn UK-based hedge fund major founded by Paul Marshall and Ian Wace in 1997, is set to open an office in Abu Dhabi, joining the growing number of financial firms establishing a presence in the United Arab Emirates.

The report cites unnamed sources familiar with the matter, as revealing that the move is aimed at strengthening the group’s ties with its Middle Eastern investor base and enhancing its ability to attract top talent.

In establish a presence in the Gulf, where states including Abu Dhabi, are positioning themselves as financial hubs with favourable regulatory and tax environments, coupled with a burgeoning talent pool, Marshall Wace, is following in the footsteps of hedge funds including Chris Hohn’s TCI and macro fund Brevan Howard, which already operate from the Emirate. Notably, Brevan Howard now manages more funds from Abu Dhabi than from either London or New York.

Other prominent hedge funds including Izzy Englander’s Millennium, Steve Cohen’s Point72 and quant investing giant AQR have chosen neighbouring Dubai for their regional offices.

Marshall Wace’s Eureka fund, which is managed by Marshall and represents about a third of the firm’s assets, has reported an 8% increase this year, according to investors. The remaining two-thirds of assets are managed using systematic strategies powered by computer algorithms.

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