LJ Partnership, a London-based private wealth partnership, has sold a 40% stake to Dilmun, a New York-based family office with roots in the Gulf. Financial terms of the deal were not disclosed.

In parallel to the stake sale, LJ appointed Ken Costa as its new partner and co-chairman. Costa previously led M&A at UBS and chaired its investment bank in EMEA, as well as chaired Lazard International.

“I look forward to contributing to the firm’s future growth as its investor base expands to include corporates, institutions and sovereign wealth funds, with the aim of matching long-term capital with bespoke global investment opportunities in existing sectors such as real estate, and new areas including M&A, private equity, technology and advisory,” Costa stated.

Besides, LJ appointed Ali Bouzarif as a partner, who will operate from the firm’s recently launched New York office. Bouzarif formerly served as the head of investment execution at the Quatar Investment Authority.

LG, which currently has 200 employees across eight offices, also plans to set up new offices in Singapore, Sydney and Auckland as part of its growth strategy for Asia and Australasia. The business will rebrand to Alvarium Investments in 2019.

LJ CEO Alexander de Meyer said: “We are well placed to adapt to a reshaped wealth management sector: pivoting our core disciplines in financial and real estate assets to encompass new sectors and strategies; expanding our operations in Europe, Asia and the Americas; and securing new partners, shareholders and clients to achieve our growth ambitions.”