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.
