US Hedge Fund Verition has opened an office in Dubai International Financial Centre (DIFC) as it eyes global expansion.

The fund has 400 employees globally and manages $7.3 billion in assets under management. The hedge fund said in a statement that it had chosen Dubai for its potential to contract global investment talent.

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

Josh Goldstein, Verition’s co-founder and president said the opportunity to live and work in Dubai was “especially appealing” to current and prospective portfolio managers.

“The region offers a friendly time zone for traders with a global investment mandate, lower taxes, and excellent infrastructure,” he said. 

“We look forward to being an important part of a growing global investment hub in the EMEA region.”

The Dubai office joins its existing locations in Connecticut, New York, London, Singapore, and Hong Kong.

(Writing by Imogen Lillywhite; editing by Seban Scaria)