Lionhart gets DIFC approval to open office

Lionhart (Middle East) Limited, which is specialising in global multi-strategy arbitrage, yesterday announced that it has gained regulatory approval from the Dubai Financial Services Authority (DFSA) to open an office in the Dubai International Financial Centre (DIFC).

The Dubai office will be headed by Jim Quinn who has 20 years' experience in the asset management industry with 10 years experience in the Gulf.

The office opening and the establishment of a dedicated team is the culmination of many years of investing in the Middle East. The increasing sophistication of Gulf investors and the rapid development of economies mean the region is set to play an important role in the world's economy. With this new office opening, Lionhart is committing itself to the Gulf region for the long term.

Terry Duffy, CEO of Lionhart, said: "Our global expansion continues with the launch of our Gulf operations. We feel strongly our track record of achieving strong, absolute, non-correlated annual returns on a consistent basis while maintaining a core commitment to preservation of investor capital fits well with the appetites of investors in the Gulf."

Quinn said: "Gulf investors were amongst the first in the world to see the advantages of hedge fund products and we believe that the DIFC represents the ideal base for our regional headquarters."