Magellan Capital to Launch $700 Million Hedge Fund in Dubai
Magellan, with offices in Dubai, Abu Dhabi, and London, has expanded its staff to over 20 in the past year.
Dubai-based Magellan Capital Holdings Ltd. will launch a $700 million multistrategy hedge fund next month, marking one of the largest debuts in the UAE. The fund, which will focus on equity and credit strategies, is notable as only 5% of hedge funds globally launched with $500 million or more this year.[1]
The fund’s seed capital comes from Hassan El Ali, founder of Zakher Marine International, who sold the company to Abu Dhabi National Oil Co. two years ago. The launch highlights Dubai’s growing role as a hedge fund hub, with 37 global funds overseeing at least $1 billion operating in the city.
Magellan, with offices in Dubai, Abu Dhabi, and London, has expanded its staff to over 20 in the past year. Key hires include Valery Kazak, who will oversee emerging markets' fixed income. The firm previously raised $360 million in a bond offering to fund its €700 million ($780.09 million) acquisition of Danish Ship Finance.