Alternative Assets Manager Acquires Private Equity Specialist

Rachel Walsh

4 December 2008

BMB, the international alternative assets group, is acquiring EMP Global, a private equity house dedicated to emerging markets. The acquisition will bring EMP Global into the BMB Group as its emerging market direct investment arm. The combined group will manage assets in excess of $12 billion.

“This transaction is in line with BMB Group’s stated strategy of acquiring industry leading investment companies and management. We see this time as an unprecedented opportunity for Eastern financial services players to capture global market positions,” said Rayo Withanage, chairman of BMB Group.

EMP staff will take up positions within the BMB Group. EMP partner Moeen Qureshi, the former Prime Minister of Pakistan and chief operating officer of the World Bank has been appointed 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 direct investment funds around the world focused on energy, infrastructure and financial services. BMB Emerging Markets will be adding managers with investment expertise in future areas of growth, and opening new offices in emerging markets in conjunction with BMB Group’s global strategy.

EMP has raised some $7billion of private equity funds since its foundation in 1982, and has offices across the globe including Washington, Hong Kong and Bahrain. EMP has launched major funds in Asia, South America, the Middle East, and emerging Europe. In doing so it has partnered with a series of major institutional investors including General Electric and the Islamic Development Bank.

BMB Group has offices in Brunei, London, New York, Kuala Lumpur and the Middle East. The group’s current focus is the investment management of the assets of some of the most significant ruling families, together with other ultra high net worth individuals and institutions from the Islamic world.

BMB is majority owned by its senior management, with additional backing from a series of investors from the sovereign families of the Islamic world.