Dalma Capital buys Singapore's Global CIO Office
Dalma Capital Group, a Dubai-headquartered alternative investment management platform, has agreed to buy The Global CIO Office, a Singapore-based outsourced CIO business that primarily serves family offices.
The size of the transaction was not disclosed. The company will be renamed Dalma Global CIO Office and operate as a segregated arm of Dalma Capital, initially servicing clients with accounts of at least USD 50m. Gary Dugan, who established The Global CIO Office in the United Arab Emirates (UAE) 17 years ago, will continue as CEO under the new structure.
The acquisition will enable Dalma Capital to provide a full-service platform for funds, investment banking, and wealth advisory, according to a statement. Mishal Kanoo, a Dalma Capital board member, added that many families in Europe, the Middle East and Africa (EMEA) and Asia Pacific are overly dependent on private banks and need CIO capabilities to navigate challenging markets.
David Gibson-Moore, another board member, observed that this need for strategic advice is often offset by the impracticalities of having a full-time, in-house CIO. “The Dalma Global CIO Office will provide ultra-high-net-worth families with a level of sophisticated in-house investment capability that is otherwise only available to the largest, most complex family offices,” he said.
The Global CIO Office operates through a global network of investment professionals, most of whom have previously held CIO roles at leading wealth management groups. Dugan is a former CIO of both Emirates NBD, a bank owned by the Dubai government, and National Bank of Abu Dhabi. He was also CIO for Asia and the Middle East at Coutts and worked for J.P. Morgan and Merrill Lynch.
The company offers advisory, discretionary investment management and consultancy services to wealth management companies and single- and multi-family offices around the world. This includes access to private equity, venture capital, and real estate investment opportunities. It supplements existing investment teams or provides complete CIO solutions on a white-label basis.
Dugan, who will lead Dalma Global CIO Office out of Dubai, added: "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."
Dalma Capital was established in 2011 by Zachary Cefaratti, who has a hedge funds background. It primarily operates in fund and asset management and investment banking.
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