Wednesday, 24 August 2016
Last updated 5 hours ago
May 16 2014 | 1:44pm ET
The Carlyle Group's commodity hedge fund unit has set up shop in Shanghai's nascent free-trade zone.
Vermillion Asset Management incorporated a trading unit in the China (Shanghai) Pilot Free-Trade Zone, an 11-square-mile area in China's largest city. The zone offers fewer restrictions on interest rates, yuan conversion and other matters than the rest of China.
New York-based Vermillion's Shanghai unit is headed by Ian McGuinn, Bloomberg News reports.
Vermillion joins fellow commodities traders Trafigura Beheer and Louis Dreyfus Commodities in establishing a presence in the Shanghai zone, which may soon boast commodity exchanges led by Baosteel Group and the Shanghai Gold Exchange.
Carlyle owns 55% of Vermillion, buying the stake in 2012.