For hedge fund managers, part of the appeal of a London office is the high-end postcode of Mayfair. One of the capital’s most expensive areas, Mayfair is a hub for hedge funds. As well as luxurious restaurants and hotels, the area features private clubs based in opulent Edwardian houses that charge members thousands of pounds a year in exchange for surroundings where they can meet their clients discreetly. 

However, London has a new challenger: the United Arab Emirates. Hedge fund managers have flocked to Dubai and Abu Dhabi over the past few years, lured by low taxes and access to hulking sovereign wealth funds with billions to invest.