Ex-Barclays trader leaves Singapore to start hedge fund office in Dubai

efinancialcareers.com:

Sanchit Jain, Barclays' former head of emerging market options trading in Singapore, is leaving.

Multiple sources say that Jain, who's been on the island for five years, is the latest trader to quit Singapore for Dubai. He's understood to be setting up a Dubai office for hedge fund Caxton Associates. 

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Jain joined Caxton in Singapore in July 2022 and is aportfolio manager investing in FX and fixed income markets in developed and emerging Asia economies. It's not clear whether his strategy will change in Dubai. 

Neither Jain nor Caxton responded to a request to comment for this article. As Jain is the first person at Caxton's Dubai office, he's expected to build out a team.

He'll be competing with other hedge funds for talent. Millennium, ExodusPoint, Cubist, BlueCrest and others have all been building out their Dubai offices this year.  «It feels like you're in Mayfair or Park Avenue,» one portfolio manager there told us a few months ago. «The time zone works fantastically for global market coverage. Zero tax is a bonus too.»

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