Singapore Exchange Targets Dubai Expansion to Follow Hedge Funds [Yahoo! Finance]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
investorrelations.sgx.com
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Source: Yahoo! Finance
(Bloomberg) -- Singapore Exchange Ltd. is looking at expanding into Dubai, drawn by the surge of hedge funds that have settled in the United Arab Emirates. Most Read from Bloomberg An influx of the firm's clients settling in the emirate is strengthening the case for opening a new office, complementing its operations in nine other countries, Lee Beng Hong, head of wholesale markets and platforms at SGX, said in an interview. “Given the success we've had in the Middle East, it's the right time for us to grow our presence there,” Lee said. “We are actively looking at that.” A wave of fund managers have flocked to Dubai in recent months, drawn by a slew of government incentives, a favorable timezone and a low tax regime. Millennium Management, BlueCrest and Balyasny Asset Management are among those that have expanded operations in the city. While SGX's strategy in the Middle East is at an early stage, the initial plan is to move a Qatar-based employee to Dubai before adding mor
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