(Bloomberg) -- JJJ Capital Management, a hedge fund started by former Moore Capital Management traders, is expanding to Dubai, joining a cohort of peers setting up offices in the Middle East.
JJJ — led by Joeri Jacobs — recently received authorization to operate in the city, people with knowledge of the matter said, asking not to be identified discussing private information. Chief Financial Officer Darius Berendji and Partner Lucca Norton were registered as directors of the unit, according to records from the Dubai International Financial Centre.
A representative for JJJ didn’t respond to requests for comment.
London-based JJJ is the latest hedge fund to be drawn by the allure of vast pools of capital, zero personal income tax, safety and a favorable time zone. Dubai now hosts local offices of more than 60 such firms, of which roughly four dozen — including industry giants Millennium Management and Schonfeld Strategic Advisors — boast assets in excess of $1 billion each.
Neighboring Abu Dhabi, too, has made a push to attract some of the biggest names from the industry. Marshall Wace recently set up shop in the city, joining London-based peer Brevan Howard Asset Management.
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Jacobs spun off JJJ from Moore Capital last year with colleagues Roshan Patel, Norton and Haroon Sana. Specializing in inflation and fixed-income trading, the group started with more than $3 billion, including $1 billion from its former employer, Bloomberg News has previously reported.
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