Carlyle Group to acquire Toronto asset manger Diversified Global Asset

WASHINGTON – The U.S.-based Carlyle Group (Nasdaq:CG) says it plans to acquire Toronto alternative asset manager Diversified Global Asset Management Corp.

The proposed acquisition, announced on Carlyle’s website, did not disclose financial terms. However, it said the deal to take over Diversified, which has more than $6.7 billion in managed and advised assets, is expected to close in February.

Carlyle said DGAM founder and CEO George Main would continue in that role as would chief information officer Warren Wright.

“We are focused on providing fund investors with a broad suite of investment options under one roof,” Carlyle CEO David Rubenstein said in making the announcement.

“With the DGAM partnership, Carlyle’s Solutions platform is now positioned to offer investors the ability to allocate across alternatives in hedge funds, private equity and real estate.”

The Carlyle Group is a global alternative asset manager with $185 billion of assets under management across 122 funds and 81 fund of funds vehicles as of Sept. 30. It employs more than 1,450 people in 34 offices across six continents.