Black Sea Global Services (BSGS), the real estate investment fund set up by Romanian investor Dinu Patriciu, has merged with Quintet Asset Management, a company set up by British real estate professional and investor Michael Lloyd. The new company will be called DinuPatriciuGlobalServices (DPGS) and will be responsible for real estate strategy, planning, management and development of the DPGP properties portfolio. Paul Philips is the CEO of DPGS. He used to head Quintet Asset Management. Over the past three months, the teams of Black Sea Global Services and Quintet have been combined in order to create the Bucharest operations of the DPGS Group.

“Following DPGP’s successful acquisition of over EUR 1.3 billon of property portfolios, both in Romania and throughout Western Europe, we have pooled resources of Quintet, who managed and advised the deals, and the best parts of the incumbent staff to create the DPGS Group who will now manage the assets and further develop the portfolios over the coming years in order to maximize their potential”, said the company’s representatives in a press statement.

Black Sea Global Properties had been purchasing other real estate investment funds with assets in Romania and in Western Europe. It  had bought Fabian investment fund, with real estate properties in Romania, as well as Rutley European and Deutsche Land funds. The strategy was to buy the funds and de-list them from the London Stock Exchange's AIM market, where their shares were trading.

British real estate professional Michael Lloyd, who had set up Quintet Asset Management, had decided to withdraw from this real estate business, as well as from his management position with Rutley investment fund, according to an announcement made in April this year. Paul Phillips then took the CEO position. Read more about Michael Lloyd's departure here.