Goldman Sachs trader in London left the firm after a year for hedge fund in Dubai
Dubai was the target of some collateral damage during the US-Iran conflict that hit its luxury housing market pretty hard. But a peace deal was signed recently – and errant traders are already returning to the city.
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Daniel Dangoor joined hedge fund ExodusPoint in Dubai this month as a senior portfolio manager. He joined the firm from Goldman Sachs, where he spent just one year as the firm’s head of macro thematic trading, based in London.
Before Goldman, Dangoor was a senior portfolio manager at SPX Capital. He spent a year there, too. We speculated last year that SPX Capital being a Brazilian fund run by Brazilians helped attracted the Brazilian Dangoor in turn.
Dangoor isn’t the first person that ExodusPoint transplanted from London to Dubai. Last year, it hired Berhe Tesfayohannes from PIMCO, also for its macro team, also moving him from London to Dubai. Tesfayohannes does not appear to be Brazilian, either.
The benefits of moving from a London bank trading seat to a Dubai hedge fund one are obvious. London traders generally earn around 5% of the profit and loss (PnL) they generate, which is taxed at 45% at the top rate. Hedge fund traders keep around 30% of their PnL as pay, and Dubai has no income tax at all.
Goldman Sachs and ExodusPoint did not respond to a request for comment.
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