(Bloomberg) -- Greg Coffey’s Kirkoswald Asset Management has set up an office in Abu Dhabi, joining a growing number of top financiers who have flocked to the sun-splashed emirate over the past year.

The hedge fund registered an entity within Abu Dhabi Global Market, the city-state’s international financial center, late last month, according to records. Matthew Press, Francois Lagrange and David Hassan are listed as the company’s directors. 

Kirkoswald’s expansion to Abu Dhabi coincides with a broader shift in wealth to the capital of the United Arab Emirates, which is home to the world’s richest family and boasts sovereign wealth funds that manage more than $1 trillion. 

Hedge fund billionaire Ray Dalio, Czech tycoon Radovan Vitek, Egyptian magnate Nassef Sawiris and the richest man in crypto Changpeng “CZ” Zhao are among the high net worth individuals who have set up firms in the city.  

The arrival of such big names meant that the emirate’s financial sector grew almost 30% on an annual basis in the second quarter of 2023, while Abu Dhabi Global Market’s recent tenfold expansion now makes it one of the world’s largest financial districts. 

Read more: Abu Dhabi Is the World’s Newest Wealth Haven for Billionaires

Coffey, who’s originally from Australia, rose to prominence as one of the best-performing and top-paid traders at GLG Partners, where he once managed $7 billion. He returned to trading in 2018 and launched Kirkoswald, which has had a strong run of double-digit gains.

Representatives for Kirkoswald and ADGM declined to comment.

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