Walleye has more than 200 employees across seven main offices, according to its website. Image Credit: Dubai Media office

Dubai: Multi-strategy hedge fund Walleye Capital has made a string of hires to bulk up its energy trading capabilities and plans to open an office in Dubai as part of an ongoing expansion.

The US firm appointed Raj Sethi earlier this year as head of global macro and fixed income, a role that includes overseeing commodities, according to people familiar with the matter who asked not to be identified because they weren’t authorized to speak publicly. Sethi was previously with Cravas Capital.

Over the past year, the people said, the firm also hired Rahul Dhir, a refined oil products trader who worked at Millennium Management; Jim Rowe, who was previously with oil major Chevron; and Tom Capoccia, a natural gas trader who was most recently at Six One Commodities.

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Walleye has rapidly expanded over the past year, opening its first international office in London. It now has more than 200 employees across seven main offices, according to its website. Earnings in the world of commodities trading boomed after Russia’s attack on Ukraine created market volatility and supply dislocations from which traders could profit, although this year has been more challenging.

Dubai has quickly become a hub for multi-strategy hedge funds firms that rely on groups of traders to make money, and those looking to expand globally in a bid to hire the best talent.

For its Dubai office, Walleye has hired Frank Kennedy and Emma Fouracre Reid to run equity capital markets for Europe, the Middle East and Asia, the people said. Both previously worked at Bluecrest Capital Management, billionaire Michael Platt’s investment firm. They are currently based in London and will move to Dubai later this year, one of the people said.

Walleye hired Eiman Alian last year as global head of commodities as the firm made its first foray into the sector, but Alian has since left, the people said.