Friday, 6 March 2015
Last updated 7 hours ago
Nov 20 2008 | 1:43am ET
Moscow-based hedge fund Pharos Financial Group is opening an office in sunnier climes. The Russia-focused hedge fund manager has been licensed to operate in Dubai and is opening an office at the Arab Emirate’s Dubai International Financial Centre.
The US$130 million firm, which was seeded by Soros Fund Management in 1997, is the first Russia-focused hedge fund manager to win approval from the Dubai Financial Services Authority. Founder Peter Halloran pointed to a growing appetite for Russia-focused funds among Persian Gulf Coast investors as a motivation for the new office.
“Our move to DIFC was an easy strategic decision given our expectation that the need for quality asset management in the GCC will grow substantially over the next decade,” he said in a statement. “Pharos intends to fill the niche as the market leader in emerging markets fund management. Already we have seen tremendous appetite from GCC investors for our Russian-focused investment opportunities.”
Pharos manages three Russia-focused hedge funds, all of which are suffering through double-digit losses this year.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…