US hedge fund Verition chooses DIFC for global expansion

Verition Fund Management (Verition), a multi-strategy, multi-manager investor adviser headquartered in Greenwich, Connecticut, is expanding its global presence with its latest office opening in Dubai International Financial Centre (DIFC).

The firm has been licensed by the Dubai Financial Services Authority (DFSA) to manage assets and conduct financial services activities.

The hedge fund said the UAE and the wider MENA region are important markets, and the new office in DIFC will further enhance the firm’s ability to attract global investment talent as well as capture important regional market opportunities. Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem of over 36,000 professionals working across over 4,300 active registered companies.

Saad Mahmood has been appointed as the senior executive officer of Verition (DIFC) and will lead the growth of the local office.

Josh Goldstein, Verition’s co-founder and president said, “We are excited to continue our international expansion with the addition of a Dubai office. The opportunity to live and work in Dubai is especially appealing to our current and prospective portfolio managers. The region offers a friendly time zone for traders with a global investment mandate, lower taxes, and excellent infrastructure. We look forward to being an important part of a growing global investment hub in the EMEA region.”

Verition manages approximately $7.3bn across its strategies, with over 400 employees globally. Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore, and Hong Kong.

DIFC’s expanding footprint

Salmaan Jaffery, chief business development officer, DIFC Authority said, “DIFC is delighted to welcome Verition to Dubai. As the number and scope of hedge funds established in DIFC grows, the ecosystem is developing around these world-class firms, as well as prime brokers and trading technology start-ups. DIFC’s remarkable growth, which in part is being fuelled by hedge funds like Verition, enables us to significantly contribute to Dubai’s ambition to be one of the world’s top three cities for business and drives DIFC’s strategic position as a global hub for hedge funds.”

Earlier this year, DIFC was in talks with more than 50 hedge funds about setting up in the Middle East business hub after attracting industry heavyweights such as Millennium Management and ExodusPoint Capital Management.

The 33rd edition of the Global Financial Centre Index classifies Dubai as one of 10 financial centres in the world and is ranked as a global leader with broad and deep offerings.

Verition’s announcement follows AllianceBernstein, a global investment firm, which received a Category 4 Licence from the DFSA.