Brunei-based private wealth manager BMB Group has expanded its network into the European property market with the recent acquisition of a Dutch fund management firm.

BMB bought Alliance Capital Partners for an undisclosed amount, effectively turning chief executive officer Tom Moeskops into a director following its completion. The company, owned by Prince Abdul Ali and entrepreneur Rayo Withanage, has been on an acquisition spree over the past months, the most recent being the takeover of Contrarian Capital Partners in May.

"We are intending to seek and acquire similar real estate investment vehicles around the world over the next twelve months," J Gary Peters, the head of real estate, said in a statement.

"We see a number of special situations in the commercial and residential sectors in major European markets and believe that Tom is ideally placed to capitalise on this phenomenon."

BMB said that it does not disclose how much money it has under management but funds from its clients, which include sovereign wealth funds, high net worth individuals and royals from the Islamic world, will be encouraged to invest their money alongside Alliance Capital's existing clients.

Alliance Capital has been estimated to be worth $4 billion.