Cambridge Associates is expanding to Dubai, joining other money managers that have looked to tap into the city’s deep pools of private wealth.
The firm received a license Wednesday from the Dubai Financial Services Authority. Cambridge — which helps institutional investors like endowments, foundations and family offices invest their capital across a multitude of asset classes — had $616 billion in assets under advisement as of the end of last year.
It now has regulatory authorization to start operating from Dubai International Financial Centre, which is already home to more than 400 wealth and asset managers. The new office will add to the 12 that Cambridge lists on its website and will be its first in the Middle East.
An influx of high-net-worth individuals in recent years has made the region an attractive destination for firms like Cambridge. Dubai’s financial hub alone is home to family offices that control more than $1 trillion.
The city is about 90 minutes from Abu Dhabi, which controls more than $1.7 trillion in sovereign wealth and has also emerged as a magnet for the world’s wealthiest people.