Hong Kong-based alternatives investment company Search Investment Group has announced the appointment of new CEOs, by way of internal promotions.

Eliza Lau is now at the helm at SearchÆs fund-of-hedge-funds unit, Sail Advisors, while David Pierce is in the captain's cabin at fund-of-private-equity-funds Squadron Capital Advisors. They will separately report to Robert Miller, who will remain as chairman and CEO of Search Investments.

Eliza Lau had been chief investment officer at Sail since 2004, and in that capacity had been handling its multi-strategy funds of hedge funds, Sail Flagship Fund and Sail Pacific Explorer Fund. Those funds of hedge funds have recorded annualised net returns of 10%-11%.

ôWe expect to hire two or three more members in the investment team in Hong Kong to cover global macro and relative value including credit, convertible and fixed-income arbitrage strategies," says Lau. "In addition, we are looking to add a couple more professionals in marketing and investor relations, who will contribute to our developing business in the United States and other regions.ö

David Pierce formerly had the title of senior managing director at Search. He had been handling the firmÆs private-equity and direct-investment portfolios, which generated gross internal rates of return of 37%. Earlier this month, the subsidiary of which he has now been appointed CEO, Squadron Capital Advisors, launched a fund of private equity funds named Squadron Asia Pacific.

"We are currently looking for a couple of associates for our investment team as well as a fund accountant for the operations side," says Pierce.

Search Investment is the private investment firm of Robert Miller, who co-owns Duty Free Shoppers with LVMH. Search Investment Group was established in the early 1970s.