Man names Hersh Gandhi as Asia head
Hedge fund giant Man Group has promoted Hersh Gandhi to managing director for Asia Pacific ex Japan. He was previously head of the client business in Australia and will remain in Sydney, but will split his time between there and Hong Kong.
There has not been an Asia head since Tim Peach transferred to London with the firm in mid-2014. Peach had been Asia ex-Japan managing director until then.
Gandhi started at Man in 2004 and has held several senior roles across the firm. Before joining Man, he worked at law firm Clifford Chance in London.
Carlyle names first SE Asia buyout head, fires team member
US-based private equity firm The Carlyle Group has appointed Sunil Kaul as its first head of buyout advisory for Southeast Asia, based in Singapore. He joined Carlyle in August 2008 and as a managing director has advised on investments across Asia and worked on several transactions.
Kaul reports to Asia buyout advisory co-heads Greg Zeluck and XD Yang. Prior to joining Carlyle, Kaul served as the president of Citibank Japan, covering the bank’s corporate and retail banking operations.
Meanwhile, Vincent Rajiv Louis was part of the Southeast Asia buyout advisory team, leading Indonesia deals, but was reportedly fired this week following the Monetary Authority of Singapore’s October 14 disclosure that he had paid a civil penalty for insider trading. The offence occurred while Louis was at UBS, before joining Carlyle in May 2013.
Carlyle declined to comment on his departure.
Carlyle has eight investment professionals dedicated to Southeast Asia with offices in Singapore and Jakarta. As of June 30, the firm had invested $15.4 billion of equity in the Asia-Pacific region.
Credit Suisse bulks up A-share research
Credit Suisse has expanded its China equity research team to meet growing demand for analysis of the A-share market, as reported by FinanceAsia.
A-share coverage was previously part of the China equity research team headed by Vincent Chan. It has now been split out, with Edmond Huang taking the role of head of China A-share research in addition to his post as regional head of industrial research.
In addition, Chen Li has joined this month in the newly created role of A-share strategist in Hong Kong. He joined from UBS Securities and will focus on offering bespoke ideas to investors.
The bank has also appointed five other analysts to the team over the past three months. Some of them take up newly created roles, but Credit Suisse declined to say whether anyone has left or been replaced.
Sam Li joins from Beijing Gao Hua Securities as head technology analyst; Charles Zhou is diversified financials analyst and arrives from Bank of America Merrill Lynch (BAML); Anson Huang comes in as banks analyst from CICC; David Hao joins from Nomura as media analyst; and Kyna Wong arrives as technology analyst from BAML.
The Credit Suisse team now covers 180 companies that represent 70% of China’s benchmark CSI 300 index, up from 130 in November, when the Shanghai-Hong Kong Stock Connect launched. Te bank plans to increase coverage to 300 companies by the end of 2016.
SC Lowy launches par loan business
Fixed income specialist SC Lowy has launched a par loan trading business to tap into the growth of the secondary loan market in Asia.
Par loans are debt instruments valued at 90% or more of their face value. Traditionally, commercial banks that originated such loans have held them until maturity, but more active risk management by banks in the region and a nascent market for collateralised loan obligations are boosting secondary volumes, according to SC Lowy.
The firm already has a presence in sub-par loans and high-yield bonds and says that par loan trading fits seamlessly into this model. Loan trader Theron Alldis will lead the new business.
Headquartered in Hong Kong, SC Lowy has a team of investment professionals across London, Seoul and New York. Its clients include banks, asset managers, pension funds, family offices and corporations.
Deutsche AWM promotes Kreuzkamp to global CIO
Deutsche Asset & Wealth Management has promoted Stefan Kreuzkamp to chief investment officer and head of investment management globally from his previous role of CIO for Europe, the Middle East and Africa.
Kreuzkamp, who joined Deutsche in 1998, will take on the role on December 1 and will remain in Frankfurt. He will be working closely with Deutsche AWM’s Asia-Pacific CIO, Sean Taylor.
The German firm had been looking to fill the global CIO role, as previous incumbent Asoka Wohrmann has become Deutsche’s head of retail and private banking, based in Frankfurt.
Deutsche AWM had $1.27 trillion in AUM as at June 30.
Offshore law firm Carey Olsen opens in Singapore
Offshore law firm Carey Olsen has opened a Singapore office, its first in Asia, and has named Linda Lee to run it.
She was formerly a partner in Allen & Overy’s Singapore and Hong Kong corporate practices, having joined the firm in 2000. Lee is joined by senior associates Elizabeth Killeen and Alan Hughes from Carey Olsen’s British Virgin Islands (BVI) corporate team.
The Singapore office will have an initial focus on corporate and commercial transactions, including capital markets, mergers and acquisitions, banking and finance, and investment funds.
Cary Olsen provides advice on BVI, Cayman, Guernsey and Jersey law and has 43 partners and 200 lawyers.
MUFJ Securities replaces Asia capital markets head
The Hong Kong securities arm of Japan’s Mitsubishi UFJ Financial Group has hired Augusto King as Asia head of capital markets from US investment bank Jefferies.
Based in Hong Kong, King comes in as a managing director to replace Stephen Diao, who left the bank a couple of months ago.
King will focus on originating and structuring debt and equity-linked products for commercial banking clients across the region. That can include convertible bonds, although the firm is mainly focused on debt capital markets in Asia.
His team comprises 15 staff based across Hong Kong, Singapore and Sydney, with the firm suggesting more positions should open up as the business grows.
The team largely deals with bond issuers, banks and corporates and only indirectly with investors when it comes to selling bonds it has originated. Its sales team does deal with cornerstone investors on individual transactions.
King was previously head of DCM and leveraged finance for Asia at Jefferies, and also worked as head of DCM at RBS.
GAM sells fund admin unit
Swiss asset manager GAM has announced the sale of its fund administration business in the Cayman Islands to JTC Group, a Jersey-headquartered provider of institutional and private client services. GAM's 14-strong team will transfer in its entirety, with the transaction expected to close late this year.
The Cayman fund admin unit was part of GAM’s private labelling business, which provides fund and outsourcing solutions to third parties, mainly out of Switzerland.
The disposal of the Cayman fund administration business reflects the company's intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe.
It is also in line with plans to focus GAM’s activities on its core strengths in investment management and the private labelling business.
GAM had assets under management of Sfr124.2 billion ($132.8 billion) as of June 30.
BBH names global investor services head
Custodian and private bank Brown Brothers Harriman (BBH) has promoted Seán Páircéir to global head of investor services, effective January 1, 2016. He remains in Dublin and succeeds William Tyree, who will remain in New York and assume the role of managing partner on the same date.
Páircéir was previously head of the investor services relationship excellence discipline and will be succeeded by William Rosensweig, a Boston-based partner in the investor services business.
Rosensweig will retain responsibility for relationships with US asset managers. He joined BBH in 2001, was appointed partner in 2012 and has held leadership roles in the Boston, London and Hong Kong offices.
Rosensweig oversaw the Hong Kong office until late 2014, when he was succeeded by Scott McLaren, formerly Asia head of sales and relationship management.
BBH has $4.7 trillion in assets under custody and administration globally.
Otehr people news reported on AsianInvestor.net this week: