(Bloomberg) — Caxton Associates hired former Millennium Management money manager Sameer Garg for macro and cross asset volatility trading in Dubai, as part of an expansion in the city that’s emerging as a hub for hedge funds.
Garg joined as a portfolio manager in Dubai, according to a person familiar with the matter, who asked not to be identified discussing private information. Caxton hired former Barclays Plc executive Sanchit Jain in 2022 and moved him to Dubai last year as chief executive officer and portfolio manager of its business in the emirate.
Garg previously worked with Nomura in Singapore and Miras Investments in Dubai, according to his LinkedIn profile.
A spokesperson for Caxton did not respond to requests seeking comment. Garg declined to comment.
Led by Andrew Law and founded in 1983, Caxton specializes in macro trading based on economic trends. The firm joins hedge funds from Millennium to Brevan Howard Asset Management in building out in the Middle East, drawn by low rates of tax and a favorable time zone.
Firms like Caxton rely on multiple portfolio managers investing across markets to produce returns and have been on a hiring spree to bolster their trading teams. Caxton managed $13.4 billion at the end of last year, according to data compiled by LCH Investments.
Dubai’s financial center is in talks with more than 50 hedge funds about setting up operations in the city, an executive said last year. Neighboring Abu Dhabi has also managed to draw in big names — Brevan Howard now manages more money from that emirate than it does anywhere else, Bloomberg News has reported.
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