London-based hedge fund, Clareville Capital Partners announced it had recruited Krish Shanbhag from HSBC Asset Management to lead its India business.

Clareville made its first foray outside the United Kingdom when it opened a Mumbai office this year. It has $800 million of assets under management (AUM) globally and its well known funds include the Pegasus Fund and the Temple Fund.

Clareville founder and managing director David Yarron says "Krish's extensive experience and contacts will be vitally important in the start-up of our Asian operation, and his record as a talented investment manager speaks for itself."

Yarron had earlier announced that the India fund, which is open-ended, would target investments of $250 million in Indian equities and companies with significant India exposure over the next few years. Clareville has already invested in London-listed Vedanta Resources. At the time of launching the India business Yarron had said that of the Brazil, Russia, India and China (BRICs) economies he favours India due to it being a ôfriendly country with a massive intellectual resourceö.

Shanbhag moved to HSBC Asset Management at the end of 2002. He was part of the eight-member team at HSBC and one of three people managing equities. Shanbhag was fund manager of the HSBC Midcap Equity Fund since it was launched in mid 2005. Before HSBC, Shanbhag worked with ING Mutual Fund.

In March 2006 Clareville completed a process started early this year of bringing new shareholders on board and reconstituting its board. Among the high profile new board members are Eddie Jordan (who sold the Jordan Formula One racing team in 2005 after a 15-year involvement), Jonathan Marland, a founding director of Jardine Lloyd Thompson and others.