Qatari Cash in NYC Meets Hong Kong Money to Back Wealth Firm - Bloomberg:
LJ Partnership, a London-based wealth manager armed with money from the Persian Gulf, is targeting global expansion, as rich families and sovereign funds increasingly team up to invest outside of the public markets. Dilmun, a family office in New York that originated in the Gulf region, this week acquired a 40 percent stake in LJ Partnership, which advises on $15 billion from about 250 clients, including individuals, families and foundations. The deal unites Dilmun with a Hong Kong real estate family that’s expanded into China and the U.K. Dilmun manages money for a member of the Qatari royal family, people with knowledge of the matter said, asking for anonymity to discuss information that isn’t public. LJ Partnership already has close ties to the Peterson Group, which acquired 20 percent of the firm in 2016. Peterson, led by Tony Yeung and best known for investments in Hong Kong real estate such as the LKF Tower hotel, has since increased its stake to 35 percent.
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