Billionaire Michael Platt’s private investment firm, BlueCrest Capital Management, has obtained full regulatory authorization from the Dubai Financial Services Authority (DFSA). This approval allows the firm to hire traders and manage capital from Dubai, a city that has increasingly become a hub for money managers in recent years.

According to sources familiar with the situation, BlueCrest will relocate its office from the Dubai World Trade Centre to the Dubai International Financial Centre (DIFC) in the near future. This move positions BlueCrest alongside other prominent firms like Millennium Management and ExodusPoint Capital Management, which have also expanded their operations in Dubai, attracted by favorable incentives, a beneficial time zone, and a low tax regime.

The DIFC currently hosts around 75 hedge funds, with 48 of these managing assets exceeding $1 billion each. The hedge fund sector in Dubai employs over 1 000 individuals. While the exact amount of capital managed by BlueCrest is unclear, a court document from 2022 indicated that the firm was overseeing approximately $3.9 billion and had allocated $15 billion in trading power to its managers. BlueCrest has reportedly achieved substantial gains by adeptly navigating market volatility, particularly in response to U.S. tariffs imposed during Donald Trump’s presidency, according to Bloomberg News.