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DIFC-headquartered Dalma Capital Group has acquired The Global CIO Office (The GCIO), with plans to operate it as a segregated arm of the company to serve clients with a minimum account size of $50 million.
The GCIO will now operate as a segregated arm under Dalma Capital and be known as the Dalma Global CIO Office.
The GCIO’s founder and CEO Gary Dugan, who is known for making bold calls on the market throughout his career, such as the 1987 financial crash, and, more recently, the election of US President Donald Trump in 2016, will be based in Dubai and serve as chief investment officer of Dalma Global CIO Office, the company said today.
Dugan, formerly an MD at JPMorgan, established the GCIO Office in the UAE in 2017. He is also a former Chief Investment Officer of Emirates NBD, which was when he predicted Trump’s election, advising investors in the immediate aftermath to “expect the unexpected” during the Trump Presidency.
He also served as CIO of the National Bank of Abu Dhabi , as well as MD and CIO for Asia and Middle East, Coutts, and MD and CIO of Merryll Lynch Wealth Management EMEA.
“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,” said Dugan.
“Dubai has become an increasingly attractive domicile for family wealth, and we are positioned to be their trusted advisors.”
Board member Mishal Kanoo said there was a dependence by families in the EMEA and Asia Pacific regions on private banks and they are in need of chief investment officer capabilities.
Fellow board member David Gibson-Moore said: “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.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
