The Man Group has boosted its Asia effort with plans to expand into China under an unusual hire.
Man, which lost US$6 billion in assets during the third quarter, hopes to make some of that shortfall up in mainland China. And it's named the former head of MTV China as its chair in the country.
Yifei Li also served as MTV parent Viacom's point person in China, where Man still requires regulatory licenses to open a planned trading office in Beijing. Pierre Lagrange, co-founder of GLG Partners, acquired by Man last year, said Man hopes to open the office in the Chinese capital in the near future.
"We take the view that China is going to be a very big part of growth for the world," Lagrange, who was named Man's Asia chairman, told the Financial Times. "It is a perfect time to expand there."
"We're already doing quite a lot of Asian investments, but further down the road we will have Asian-centric equity long/short funds and more resources on the ground," he added.
In addition to the appointments of Lagrange and Li, Man has also hired David Mercurio from Singapore's Government Investment Corp. as head of Asia equity.