BMB Group, a Middle East investment group, on Thursday acquired a US-based private equity house focusing on emerging markets, which was co-founded by a former prime minister of Pakistan. The merger of BMB and Washington-based EMP Global – a rare example of consolidation in private equity – will turn the Brunei-based group into one of the biggest investors in nascent private equity markets, including in Asia, Europe and the Middle East. The combined group will have about 100 employees and $12bn of assets under management, including buyout funds investing throughout the world. The deal is expected to be the first of many for BMB, which specialises in investments for the royal families in Brunei, Saudi Arabia and other Gulf countries. EMP Global was co-founded by Moeen Qureshi, a former World Bank economist who briefly served as acting prime minister of Pakistan during the country’s political crisis of 1993. Qureshi will become vice-chairman of BMB.