Activist hedge fund TCI joins trek to Abu Dhabi
Thu, November 23, 2023
By Nell Mackenzie
LONDON, Nov 23 (Reuters) - Activist hedge fund TCI Fund Management has opened an office in Abu Dhabi, led by global head of investor relations Bronwyn Owen, following in the footsteps of several asset managers to set up shop in the United Arab Emirates this year.
Owen, a director in the firm, has relocated from New York to head the office, which will help the $60 billion hedge fund acquire investors and compete for talent, it said in a statement.
"The Middle East is a vital market for the investment management industry, both from a talent and asset growth perspective, as well as a critical partner in global efforts to reduce carbon emissions and climate change," said the British hedge fund's founder Sir Christopher Hohn. TCI is headquartered in London but also has an office in New York.
The Abu Dhabi Global Market (ADGM), an international financial centre based in the capital of the United Arab Emirates, said in September that it had added 25 asset management firms in the first half of the year.
A total of 102 asset managers are operating in ADGM and managing 128 funds, up from 77 and 88 respectively last year.
Private equity firms Apollo and Blackstone, U.S. bank Goldman Sachs and hedge funds Brevan Howard and Bridgewater Associates have set up offices in the past few years.
The financial district is expanding its area of jurisdiction to 10 times its footprint by adding al-Reem Island to its current location on al-Maryah Island in Abu Dhabi, Reuters reported in September.
"TCI’s new base underscores ADGM’s rise as an international financial hub and reinforces Abu Dhabi’s position as a prospering centre for the investment management industry," ADGM Chairman Ahmed Jasim AL Zaabi said in the statement.
(Reporting by Nell Mackenzie; editing by Simon Jessop and Emelia Sithole-Matarise)
LONDON, Nov 23 (Reuters) - Activist hedge fund TCI Fund Management has opened an office in Abu Dhabi, led by global head of investor relations Bronwyn Owen, following in the footsteps of several asset managers to set up shop in the United Arab Emirates this year.
Owen, a director in the firm, has relocated from New York to head the office, which will help the $60 billion hedge fund acquire investors and compete for talent, it said in a statement.
"The Middle East is a vital market for the investment management industry, both from a talent and asset growth perspective, as well as a critical partner in global efforts to reduce carbon emissions and climate change," said the British hedge fund's founder Sir Christopher Hohn. TCI is headquartered in London but also has an office in New York.
The Abu Dhabi Global Market (ADGM), an international financial centre based in the capital of the United Arab Emirates, said in September that it had added 25 asset management firms in the first half of the year.
A total of 102 asset managers are operating in ADGM and managing 128 funds, up from 77 and 88 respectively last year.
Private equity firms Apollo and Blackstone, U.S. bank Goldman Sachs and hedge funds Brevan Howard and Bridgewater Associates have set up offices in the past few years.
The financial district is expanding its area of jurisdiction to 10 times its footprint by adding al-Reem Island to its current location on al-Maryah Island in Abu Dhabi, Reuters reported in September.
"TCI’s new base underscores ADGM’s rise as an international financial hub and reinforces Abu Dhabi’s position as a prospering centre for the investment management industry," ADGM Chairman Ahmed Jasim AL Zaabi said in the statement.
(Reporting by Nell Mackenzie; editing by Simon Jessop and Emelia Sithole-Matarise)
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