Hedge Fund ADAPT Joins Brevan, Rokos in Opening Abu Dhabi Office

(Bloomberg) — Swiss hedge fund ADAPT Investment Managers became the latest among a slew of peers opening an office in Abu Dhabi as the emirate continues to attract financial firms despite the ongoing conflict in the Middle East.

The $2 billion relative-value hedge fund has started operations in the Gulf city, according to a statement from the firm on Wednesday. The new base, which will be led by Daniel Mullarkey who recently joined as a senior research analyst, is the money manager’s fourth office, after Geneva and Zug in Switzerland, and New York.

ADAPT has separately bolstered its ranks with a clutch of hires from a few of the industry’s largest multistrategy hedge fund firms. Those coming on board as portfolio managers include Nicolas Dumoulin and Olivier Chazalon, formerly with Millennium Management and Verition Fund Management, respectively. Fabien Gerbron, who previously worked for Citadel, joined recently.

Abu Dhabi, along with neighboring Dubai, has drawn significant interest from global investment firms for its deep sovereign wealth reserves and attractive tax regime. But the outbreak of conflict in the region this year has raised questions about their appeal as financial hubs.

But there are signs of continued interest even after the outbreak of hostilities. Chris Rokos’ hedge fund firm reaffirmed its commitment to Abu Dhabi earlier this year, securing a full regulatory license to operate in the city. Hudson Bay Capital Management, along with Marshall Wace and Brevan Howard Asset Management, are among other industry heavyweights already operating there.

The ADAPT fund launched in March 2020 and managed $2.11 billion at the start of August this year, according to an investor letter seen by Bloomberg News. The fund made 1.77% in July, erasing year-to-date losses to gain 0.23% over the first seven months of the year, it showed.

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