Multi-strategy major Millennium Management is assessing plans to expand its presence in Jersey as some employees look to relocate from Dubai amid ongoing geopolitical tensions in the Middle East, according to a report by the Financial Times.

The multi-manager hedge fund is exploring options to accommodate staff who are reluctant to return to the UAE, with Jersey emerging as a potential destination due to its favourable tax regime. The firm had more than 100 employees in Dubai prior to the recent regional conflict.

The shift comes as financial firms face increasing pressure to provide longer-term solutions for staff who have temporarily left the region. Dubai’s appeal as a low-tax hub has been challenged by recent security concerns, including drone activity linked to the conflict, prompting some expatriates to reconsider their base.

Millennium is understood to be evaluating a range of alternative locations across Europe and Asia, leveraging its global footprint, which already includes offices in Geneva, Singapore and Puerto Rico. The firm has historically offered flexibility, allowing employees to work from a wide range of jurisdictions.

Despite the potential moves, Millennium is expected to maintain a presence in Dubai, reflecting the city’s continued importance as a regional financial centre.