$17 bln Chicago hedge follows Millennium, BlueCrest in push to Dubai

$17 bln Chicago hedge follows Millennium, BlueCrest in push to Dubai

Balyasny Asset Management will open an office in Dubai, the latest hedge fund to expand to the emirate.

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The $17 billion firm will start operations in the city in the first quarter of next year, according to a person with knowledge of the matter.

Balyasny is taking space in the ICD Brookfield Place and its office is initially set up to accommodate 20 people, the person said, asking not to be identified because the details are private.

The multi-strategy hedge fund, which relies on groups of traders to bet across asset classes, is the latest to turn to Dubai, which is drawing some of the world’s biggest investment firms to its shores after already attracting crypto firms, property investors and Russian billionaires.

Izzy Englander’s Millennium Management has more than two dozen people working for him in Dubai, while Michael Gelband’s ExodusPoint Capital Management, one of the largest multi-strategy hedge funds, is expanding in the city.

Michael Platt’s private investment firm BlueCrest Capital Management is also building a presence.

Brexit has spurred many funds to seek new bases outside the City of London, while other traders have fled Hong Kong’s strict Covid restrictions. And