DIFC fortifies position as preferred global hub for wealth and asset management firms

Dubai, UAE; 14 May 2024: Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has reinforced its position as the largest and preferred hub for wealth and asset management (WAM) companies and hedge funds.

The total number of WAM firms now exceed 370, primarily comprising of firms from the Asia Pacific, GCC, Europe, UK, and the US. As part of its unique ecosystem offering, DIFC provides access to a deep pool of talent and expertise, A-grade infrastructure, regulatory frameworks, as well as direct access to both established and emerging markets.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “Dubai continues to be a leading global destination for wealth and asset management firms, with over 370 now operating within DIFC. Large pools of wealth embedded in sovereign funds, family offices, and via ultra-high-net-worth individuals, coupled with the stability and success of DIFC’s 20-year track record, continue to draw in the world’s best investment managers ranging from traditional to alternative managers.” 

Attracted by DIFC’s conducive business environment and world-class infrastructure, new WAM firms establishing in the Centre as of April 2024 include Audere Capital Limited, Banca Del Sempione Ltd, Blue Owl Capital (Dubai) Limited, Capital Asset Management (DIFC) Limited, 24 Capital Management Ltd, El Dorado Capital Limited, GID Investment Advisors LLC, Hayfin, Novia Global Limited, Ominvest Capital (DIFC) Limited, Patient Square Capital (DIFC) Limited, Point72 (DIFC), Taula Capital Management (DIFC) Limited and Theia Investments Limited. 

Recognising the potential of operating in the region’s largest financial ecosystem, State Street Global Advisors, a premier financial institution, also made a welcome return to Dubai. 

DIFC’s strong performance has made it a highly competitive choice for WAM companies looking to tap into Dubai’s status of being the city in the region with the highest concentration of wealth, and neutral territory to attract and manage capital from the Middle East’s sovereign wealth funds. Over 72,000 individuals in Dubai have more than USD 1mn of investable wealth, which is triple the number of any other city in the region. Furthermore, USD 4.7trn of capital is managed by Middle Eastern state-owned investors.

As part of its 20 Days of Finance programme to coincide with the Centre’s 20th anniversary year, DIFC is hosting the first HFM Middle East Summit exclusively for hedge fund managers, this week. The Summit will bring together over 200 global leaders including over 120 hedge fund representatives, which is the largest gathering of hedge funds to have ever congregated in the Middle East region.

Looking to the future of WAM, a poll held at DIFC’s recent thought leadership event ‘The Pursuit of Alpha’ on the advancement of AI and data science and its influence on investment management, revealed that enhancing investment decision-making and alpha generation was foremost in the mind of wealth and asset management industry professionals. Participants agreed that technology such as AI and data science also assisted in reducing operational costs and improving operational efficiency.