BMB Group announced an increased commitment in the Middle East following the absorption of EMP Global, the world’s largest private equity house dedicated to emerging markets.

The combined group will represent one of the world’s leading alternative asset management houses, with assets in excess of $12 billion.

It will have offices in Dubai and Bahrain, and intends to expand significantly in Saudi Arabia. David Gibson-Moore, deputy chief executive officer of the group will be based in the Middle East.

EMP was founded in 1992, and was the first major private equity house specialising in emerging markets. It is a major investor in the Middle East.

The partnership has raised some $7 billion of private equity funds, and has offices across the globe including Washington, Hong Kong and Bahrain.

Reflecting this cross market expertise, EMP has launched major funds in the Middle East, Asia, South America, and Emerging Europe. In doing so it has partnered with a series of major institutional investors including GE and the Islamic Development Bank.

EMP staff will be taking up key positions within the BMB Group. The distinguished EMP partner Moeen Qureshi, the former Prime Minister of Pakistan and chief operating officer of the World Bank has beenappointed vice chairman of the BMB Group. He will act as a senior advisor to BMB Group’s global strategy, and the development of its sovereign wealth focus.

EMP’s partner Don Roth, the former head of Merrill Lynch Europe, and treasurer of The World Bank, has been appointed head of principal investments for the BMB Group.

EMP’s US operation will continue to run independently, managing existing private equity funds for corporations and governments.

The offshore business of EMP will become BMB Emerging Markets which will launch a powerful slate of direct investment funds around the world focused on energy, infrastructure and financial services.

BMB Emerging Markets will be adding high calibre managers with investment expertise in future areas of growth, and opening new offices in emerging markets in conjunction with BMB Group’s global strategy.
 
“This transaction is in line with BMB’s stated strategy, we see this time as an unprecedented opportunity for Eastern financial services players to capture global market positions,” stated Rayo Withanage, chairman of BMB Group.

“Our new business will be a global one that assists in the flows of new capital in a changing world, matching eastern values with western governance and experience,” added Don Roth.-TradeArabia News Service