Toscafund Asset Management, through its Tosca Private Investments Fund (TPIF), is to acquire a “significant” minority stake in the adviser, which offers discretionary portfolio management and investment management.
Plurimi, which has offices in London and Dubai, will be the first investment by TPIF, a new specialist vehicle targeting small/mid-market private equity opportunities in the European financial services sector.
The advisory firm was founded in 2008 by Ramzy Rasamny and serves global ultra-high net worth individuals.
It has $3bn (£2.25bn, €2.57bn) in assets under management.
In addition to Dubai and London, a third office in Gibraltar is home to the firm’s back office function.
Announcing the deal, Plurimi said it expects to “benefit from organic growth and consolidation opportunities”.
Rasamny said Plurimi would be ready for acquisitions “when the right opportunity arises” and the TPIF investment would be the “cornerstone” of Plurimi’s accelerated growth strategy providing support and funding.
“The international segment is core to our business and key to expansion,” he told International Adviser. “We don’t want to limit ourselves, we want to be exposed to any developed country.
“Dubai is good base to target the Middle East and it has a strong expat community. We plan to grow the office in tandem with London.
“We are determined to take advantage of disruptions created by new regulation and the digitalisation trends in the sector,” he said.
Plurimi’s Dubai office is led by senior executive officer Ali Salaam and the office is looking to add a third adviser in 2018.
Tosca Private Investments Fund
TPIF’s investment philosophy is to focus on partnering with founders and entrepreneurs looking to accelerate the growth of their businesses. In the case of Plurimi, the majority of the firm will still be held by the firm’s founder and senior partners.
Plurimi will continue to be run by Ramzy Rasamny and current senior executives while “leveraging on the expertise and support of TPIF”.
TPIF will be led by Fabrizio Cesario and George Koulouris, who joined Toscafund as partners in 2017.
Founded by Martin Hughes in 2000, Toscafund specialises in financial services and has invested in Aldermore Bank, Hoist, Atom Bank, OakNorth and Esure.
The alternative investment manager has $4bn in assets.