DUBAI, Feb 28 (Reuters) - Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients.
It previously had a representative office in Dubai, but said the new office will "enhance" its ability to serve clients in the region.
Edmond de Rothschild plans to hire about five people in Dubai next year, a spokesperson said.
A growing number of hedge funds have set up shop in Dubai, attracted by lower licensing fees and capital requirements for the industry, including Millennium Management, ExodusPoint Capital Management and BlueCrest.
French private equity firm Ardian said last month it was opening an office in neighbouring Abu Dhabi, capital of the United Arab Emirates, while CVC opened an office in Dubai last year.