The private investing company of billionaire Michael Platt is expanding to Dubai, and Chris Wheeler, a former money manager at Citadel, is one of the new hires

According to those with knowledge of the situation, BlueCrest Capital Management is anticipated to launch with ten employees, including at least three portfolio managers. According to the persons, who declined to provide their names since the information is confidential, the company intends to create an office and begin trading soon in the Dubai financial sector.

As Dubai develops as one of the newest hotspots for hedge fund expertise, the company, which manages Platt's fortune and that of his partners, joins competitors like Schonfeld Strategic Advisors and Brevan Howard Asset Management are expanding there. These businesses rely on a group of traders managing several investment teams using various trading tactics.

In a highly competitive sector, where it is already difficult to find and keep the greatest portfolio managers, BlueCrest is vying for talent. Platt provides some of his traders with payouts of up to 30%, one of the highest in the investment management sector. The typical payout range for hedge fund traders is between 8% and 20%.

Wheeler departed the company last year after working as a macro money manager for Citadel's Global Fixed Income division in London. With funding from billionaire George Soros, he had previously intended to launch his own hedge fund, but he abandoned the idea in 2019.

Since he made the decision to return client capital in 2015, Platt, whose wealth is estimated by the Bloomberg Billionaire Index to be $12.3 billion, has led his company to become one of the greatest performers in the sector. BlueCrest made roughly 30% last year, and since 2016, its gains have varied from 25% to 95%, providing the company with the means to employ and grow.