The Real Deal New York

Qatari cash expands wealth firm tied to Hong Kong real estate

LJ Partnership is seeking to expand globally
July 05, 2018 10:01AM

The New York City skyline (top) and the Hong Kong skyline (bottom) (Credit: Pixabay)

London-based wealth manager LJ Partnership is eyeing a global expansion.

Dilmun — a family office in New York that originated in the Gulf region — acquired a 40 percent stake in LJ Partnership, Bloomberg reported. The deal ties Dilmun with a Hong Kong real estate family that has also broadened to the U.K. and China.

“It’s been very important for us to match long-term capital from Asia, particularly Hong Kong, from the Gulf, Europe and the Americas,” CEO Alex de Meyer told Bloomberg.

Dilmun manages money for a member of the Qatari royal family, the report said. LJ Partnership has close ties to the Peterson Group, which is known for investments in Hong Kong real estate such as the LKF Tower hotel. Peterson has a 35 percent stake in the firm.

LJ Partnership advises on $15 billion from about 250 clients. The firm is rebranding to Alvarium Investments next year — and aiming to attract large institutions and sovereign wealth funds. The firm was formed in 2009 after the financial crisis, when property prices slumped. [Bloomberg] — Meenal Vamburkar