Multi-strategy hedge fund Verition Fund Management has so far kept its Dubai office open despite escalating conflict in the Middle East, offering staff flexibility but stopping short of mandating remote working, according to a report by Financial News London.
The report cites an unnamed person familiar with the matter as confirming that the firm’s Dubai outpost, established in 2023, remains fully operational. Employees have been given the option to work from home if they have safety concerns or family considerations, though in-office work has not been suspended.
The United Arab Emirates – long regarded as one of the safest jurisdictions globally – was reportedly targeted by retaliatory strikes following US and Israeli attacks on Iran on 28 February. In response, several global financial institutions with offices in Dubai and Abu Dhabi have implemented temporary remote-working measures.
Banks including Citigroup, Goldman Sachs, JPMorgan Chase, Standard Chartered and UBS have instructed staff to work from home for at least 48 hours. Asset managers such as BlackRock, DWS Group and Robeco have taken similar precautions across their Middle East operations.
Verition, which manages more than $14bn in assets, received regulatory approval to operate in Dubai on 12 June 2023. The firm has based several senior investment professionals in the emirate, underlining the strategic importance of the office.
The emirate’s Dubai International Financial Centre has become a major hub for alternative asset managers, hosting more than 100 hedge funds, including Millennium Management, Balyasny Asset Management and Point72.
