Tyrus Capital, the hedge fund led by veteran investor Tony Chedraoui, is closing its London office and relocating its headquarters to Abu Dhabi, becoming the latest asset manager to shift operations to the Middle East, according to a report by Bloomberg.
The report cites regulatory filings as revealing that the firm has formally applied to cancel its FCA authorisation in the UK and recently incorporated an entity in the Abu Dhabi Global Market (ADGM). London-based staff have been offered options to relocate to Abu Dhabi, Monaco – where Chedraoui resides – or Spain, a spokesperson confirmed.
Founded in London in 2009, Tyrus Capital built its reputation through event-driven strategies, structured trades for European corporates, and private equity investments. Chedraoui, a former proprietary trader at Lehman Brothers and head of event-driven strategies at Deephaven Capital Management, has overseen the firm’s evolution into a nimble player within European markets.
Tyrus’s move comes amid a broader exodus of hedge funds and asset managers from the UK, spurred by tax policy changes that have impacted non-domiciled residents and increased the overall tax burden. Meanwhile, Abu Dhabi and Dubai have aggressively positioned themselves as global financial hubs by offering tax-free regimes, proximity to sovereign wealth capital, family offices, and access to favourable time zones for global trading.
Abu Dhabi’s ADGM has become a magnet for hedge fund giants like Brevan Howard, Millennium Management, and Balyasny Asset Management, which have recently expanded their footprint in the region.
