Permal Group will open an office in Shanghai this year as it seeks to ramp up its access to Chinese hedge fund managers.
The fund of hedge funds, which recently agreed to acquire Fauchier Partners, is awaiting regulatory approvals for the new base, which would house both portfolio managers and analysts, including some relocated from London and New York. Eventually, Permal envisions moving the center of its Asian activities—currently Singapore—to Shanghai.
The new office will be led by Steve Zhang, currently based in Singapore, who serves as head of emerging markets and manager of Permal's China Strategy Fund.
"We've got a Chinese fund that's been up and running for three years and which has performed really well," Permal CEO Isaac Souede told Asian Investor. "We want to be closer to the action. And from there we can cover Hong Kong readily. It's harder to cover China from Hong Kong."