Man Group closes Dubai office, to serve Middle East from UK

Added 18th November 2016

Man Group, the world's biggest listed hedge fund, plans to close its office in the Dubai International Financial Centre and service its Middle East clients from London.

Man Group closes Dubai office, to serve Middle East from UK

The company is also expected to hand back its Dubai Financial Services Authority (DFSA) licence.

Unlike the high costs of rent and regulatory compliance which have caused some smaller firms to leave the DIFC recently, Man Group's reason for rebasing back to the UK is believed to be due to a sharp rise in assets under management which it felt could be better run from London.

Man Group's assets managed on behalf of clients in the Middle East have grown by over 40% since 2012, according to one source.

Man Group has been serving clients in the Middle East for around 30 years.

Slow drip

Last month SEI, a global provider of institutional and private-client wealth management solutions, decided to close its office in the DIFC and service its clients from the UK.

SEI’s announcement followed on the heels of specialist expat financial advisory group Forth Capital which shuttered its DIFC office in October and announced it would service Middle East clients from its Geneva base.

Wealth planning and investment management firm Killik & Co closed its DIFC office at the end of September and now services all its global clients from the company's London headquarters.

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Plus for London

A plus for London, bit of a blow for DIFC

Posted by: MD, 20 Nov 2016

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Richard Hubbard

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Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

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