Challenger Hubs: Exploring the rise of new hedge fund centres

This data-driven Hedgeweek report, sponsored by IG Prime, explores the industry’s changing global footprint. Abu Dhabi and Dubai are the most obvious examples of emerging financial centres challenging those traditional industry capitals. Hedge fund buyside talent has been rapidly moving to the U.A.E as top firms expand with new offices, while a new ecosystem of businesses has sprung up to service those firms. The second part of this report explores activity in a region with older industry roots but which offers a unique role as an alternative sectoral hub: the Nordics.

U.A.E rises as sectoral hub: Since the pandemic, the Middle East, especially Abu Dhabi and Dubai, has attracted significant hedge fund interest, with 62% identifying them as top "challenger" hubs due to their proximity to allocators.
Global wealthy on the move: Wealth flows into the U.A.E. are strong, with a forecasted net gain of 6,700 millionaires in 2024 (Henley Private Wealth Migration Dashboard).
Geopolitical and regulatory risk: These risks were noted by 56% in Hedgeweek's survey as the top challenge to emerging hubs but may favor established centers like the Nordics or Singapore with longer hedge fund histories.
US remains dominant: Despite the rise of “challenger hubs” in the post-pandemic era, the U.S. remains the global hedge fund capital, hosting most of the largest firms and all top multi-PM platforms driving sector growth.

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