Dalma Capital Group Acquires The Global CIO Office: Creates Full Service Integrated Platform for Funds, Investment Banking and Wealth Advisory
13th December 2022
Investment industry leader Gary Dugan named Chief Investment Officer of Dalma Capital
Dubai - Dalma Capital Group, a global alternative investment management platform and advisor, has agreed to acquire The Global CIO Office, an independent, outsourced chief investment officer services business with a global network of investment professionals. The Global CIO Office will become the Dalma Global CIO Office, providing outsourced chief investment officer services to family offices seeking global strategic investment advisory services with true independence.
The Dalma Global CIO Office will operate as a segregated arm of Dalma Capital and provide professional clients with independent advice and portfolio management expertise. It will initially service clients with a minimum account size of $50 million.
Gary Dugan, Founder and Chief Executive Officer of The Global CIO Office will be joining the Dalma Capital Group in the newly established role of Chief Investment Officer of Dalma Capital and will be responsible for managing the Dalma Global CIO Office. He will be based in Dubai.
Gary Dugan has been a high-profile investment professional in Europe, Middle East and Asia for the past 40 years. He established The Global CIO Office in the UAE in 2017. Previously, for the core of his career Mr. Dugan was a Managing Director at JPMorgan. He is a former Chief Investment Officer of both Emirates NBD and of the National Bank of Abu Dhabi. He was also the Managing Director and CIO for Asia and Middle East at Coutts, and the Managing Director and CIO of Merryll Lynch Wealth Management EMEA.
“I am delighted to be joining the Dalma Capital family,” commented Gary Dugan. “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.”
The Global CIO Office is an independent outsourced CIO services business with a global network of investment professionals who have typically been CIOs at leading wealth management groups. The team offers advisory, discretionary investment management and consultancy services to wealth management companies and single- and multi-family offices around the world.
The acquisition of The Global CIO Office completes Dalma Capital’s service offering and will create a full-service integrated platform for funds, investment banking and wealth advisory. Importantly, it comes at a time when family offices’ needs for handling the challenging macro-economic landscape is greater than ever.
“Combining Dalma’s institutional platform with The Global CIO Office’s market leading advisory services is a 1+1=11 opportunity for clients,” said Mishal Kanoo, a member of the Board of Directors of Dalma Capital. “Many families in EMEA and Asia Pacific need Chief Investment Officer capabilities and are overly dependent on private banks.”
“Leading families with large portfolios and complex businesses need the best strategic advice for their investments, but a full time, in-house Chief Investment Officer is often impractical,” commented David Gibson-Moore, another member of the Board of Directors of Dalma Capital. “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.”
About Dalma Capital Group
Dalma Capital Group is a group of companies that includes Dalma Capital Management Limited (“Dalma Capital”) - a global alternative investment management platform and advisor with strong capabilities in fund and asset management, investment banking and, following this announcement, outsourced Chief Investment Officer solutions for professional clients. Established in 2011 and founded by Zachary Cefaratti and headquartered in the Dubai International Financial Centre, Dalma Capital is authorized and supervised by the Dubai Financial Services Authority (the “DFSA”) under a prudential category 3c license.
About The Global CIO Office:
The Global CIO Office is an outsourced CIO services business. It is part of the rapidly growing outsourced CIO services industry. Its team of industry experts has considerable experience in delivering top quality investment products and advice. It partners with single- and multi-family offices and small wealth management businesses to either supplement existing investment teams or provide a complete CIO solution on a white-labelled basis. With a broad, global network, TGCIO also offers its clients privileged access to private equity, venture capital and real estate investment opportunities.
About Gary Dugan:
Gary Dugan has 40 years’ experience in senior roles at some of the world’s leading financial services businesses, including JPMorgan, Barclays and Merill Lynch and more recently in the UAE at Emirates NBD and NBAD. For the past 20 years, he has led investment teams in private banking and institutional portfolio management for multi asset portfolios for clients around the world as a Chief Investment Officer and Global Strategist. Prior to that, he was a sell-side European equity market strategist. His formative years were spent as a UK equity portfolio manager for major UK pension funds and investment management companies.
Gary has a reputation for making bold calls on markets including call the 1987 crash, the rise of the eurozone, the collapse of the tech bubble, and the 2007 Global Financial Crisis. More recently, he predicted Donald Trump’s victory in the US presidential election. He has been regularly featured in the media in Europe, Asia, Middle East and on Wall Street.
Specialties: Private Wealth management; portfolio theory and practice; active versus passive management. Strategic and tactical asset allocation. Equity portfolio management. Change management in asset management and private banking.