Dubai-based alternative investment firm Dalma Capital has acquired Singapore-based outsourced The Global CIO Office (GCIO) in a bid to capitalise on the growing demand for outsourced chief investment officer (CIO) services.
GCIO will now operate as a segregated arm of Dalma Capital to be known as the Dalma Global CIO Office.
The new business will target Mena-based ultra-high-net-worth investors and will have a minimum account size of $50 million.
Gary Dugan, the GCIO’s chief executive and founder, will relocate to Dubai to serve as chief investment officer of Dalma Global CIO Office.
“Many families in EMEA and Asia Pacific need [CIO] capabilities and are overly dependent on private banks,” said Dalma Capital board member Mishal Kanoo.
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