UK fund firm Duet moves into Dubai, Singapore
LONDON, Sept 23 (Reuters) - British investment manager Duet Asset Management said it has launched subsidiaries in Dubai and Singapore and has hired eight new employees from U.S. investment bank Merrill Lynch & Co MER.N.
The company, which specialises in hedge funds and private equity funds, has also launched European distressed debt and Japan special situations funds, it said on Tuesday.
The company unveiled 12 new hires, eight of which would come from U.S. investment bank Merrill Lynch, which agreed a takeover by Bank of America Corp (BAC.N) early last week as the global credit crisis took high profile casualties.
The London-based company, which runs $1.9 billion across a range of private equity, hedge and long-only funds, said the new subsidiaries -- Duet MENA in Dubai and Duet Asia in Singapore -- will focus primarily on sales, though there will also be fund launches further out.
Hedi Ben Mlouka has been appointed chief executive officer of Duet MENA and Amit Shah as director, both moving over from Merrill Lynch, while Yazid Ben Salem joined as an associate.
In Singapore, new appointments Shinji Yoshikawa, chief executive officer, and senior investment analyst Kosuke Kondo have also come from the U.S. bank. (Reporting by James Molony; Editing by Joel Dimmock/Elaine Hardcastle)
