Former regional director of Forsyth Partners, Guy Medcraft, has been hired for a newly created role by Commerzbank. Specifically, he will be working for Commerzbank Alternative Investment Strategies, also known as Comas, which is now being established in Asia having previously been distributed and marketed only in Europe.

He joins from Forsyth Partners, whose investors have migrated to Crosby Capital, after Forsyth got bogged down over internal liquidity remittances between London and Dubai, which led to the company stopping in its tracks.

Medcraft takes the position of head of business development and marketing in Asia within the Comas unit. He will build his own team and will report to Dr Mehraj Mattoo who heads the Comas hedge fund business from London.

In his Singapore-based role, Medcraft will develop relationships with private banks, independent financial advisers, and institutions in order to secure distribution agreements for Commerzbank funds throughout Asia including Japan.

He will also look at customising and white labelling fund of hedge fund products for large distributors, but the firm is not involved with direct retail sales.

So why is Commerzbank now bringing its alternative business to Asia?

With assets under management reaching over $1.2 billion, the business can now pass the due diligence requirements of large institutional investors, says Medcraft. ôIt is very hard for a new hedge fund of funds business with no assets or track record to enter this competitive market,ö he says.