Dalma Capital Group, an alternative investment management firm and advisor, has reached a deal to purchase The Global CIO Office for an undisclosed sum.
The Global CIO Office is an independent, outsourced chief investment officer (CIO) services firm.
The company provides wealth management firms and single- and multi-family offices with advisory, discretionary investment management and consultancy solutions.
It has a network of investment professionals who have served as CIOs at major wealth management companies.
The new deal helps Dalma Capital to form a full-service consolidated platform for funds, investment banking and wealth advisory services.
Dalma Capital board of directors member Mishal Kanoo said: “Combining Dalma’s institutional platform with The Global CIO Office’s market leading advisory services is a 1+1=11 opportunity for clients.
“Many families in EMEA and Asia Pacific need Chief Investment Officer capabilities and are overly dependent on private banks.”
Following the completion of the deal, Global CIO Office will be named Dalma Global CIO Office, which will function as a separate entity of Dalma Capital.
Dalma Global CIO Office will initially cater to clients with at least $50m in assets.
The Global CIO Office founder and CEO Gary Dugan will join Dalma Capital as CIO. To be based in Dubai, Dugan will also supervise Dalma Global CIO Office, once the deal is closed.
Dugan said: “Our combination will enhance our service for Global CIO’s clients, by leveraging Dalma’s strength and market access not only in the EMEA, but globally.
“Dubai has become an increasingly attractive domicile for family wealth, and we are positioned to be their trusted advisors.”
In September this year, Dalma Capital hired John Porter to lead its investment banking advisory business.