Oct 21 (Reuters) - Brevan Howard does a significant
amount of its crypto trading from the United Arab Emirates
because of the country's "sensible regulations," an executive
from the hedge fund told the AIM conference in Dubai on Monday.
"The regulators in the UAE are hard, but they want the
industry to fly and so they write sensible regulations and they
are prepared to talk to the industry in order to evolve those
regulations," Ryan Taylor, group head of compliance at hedge
fund Brevan Howard, said during a panel on hedge fund trends and
strategies.
Taylor said that Brevan Howard's crypto trading operations
represented about $2 billion of the firm's total strategies
which he said were over $30 billion. Beyond saying the UAE share
of trading was significant, he did not give any precise
indication.
"We're also seeing new opportunities, such as those that are
happening here in the UAE, whether it's from the equity market
or other opportunities, and we're really all excited about
that," Brandon Robinson, deputy head of private markets at
JPMorgan Asset Management, said during the same debate.
Robinson, who oversees a department at JPMorgan ( JPM ) that invests
in some hedge funds, said the bank was talking to a number of
managers in the area.
"The growth has been unprecedented. We thought the growth
was up last year. It's been just the same again," said Jonathan
Beardall, head of wealth and asset management at the Dubai
International Financial Centre Authority (DIFC).
Dubai has 65 hedge funds registered in the city centre and
that number would increase to 70 in the next few weeks, Beardall
said.
Hedge funds trading on macro economics were up 3.6% for the
year to the end of September, compared with the same period last
year, hedge fund research firm Pivotal Path found.