Credit Suisse Said to Hire New Asia Capital Introductions HeadBei Hu
Credit Suisse Group AG, Asia’s second-largest prime broker by share of assets, hired Aditi Velakacharla to head a team linking potential investors with Asian hedge funds, said two people with knowledge of the matter.
Velakacharla, who resigned from Nomura Holdings Inc. recently, is expected to start in Hong Kong in November, the people said, asking not to be identified as the information is not yet public. She will replace Deborah Lee, the departing Asia capital services head on the Zurich-based bank’s prime brokerage team, they added.
Lee declined to comment via a text message. Velakacharla didn’t respond to text messages seeking comment. Her Hong Kong Securities and Futures Commission license with Nomura expired on Aug. 13, according to data posted on the regulator’s website.
Credit Suisse is filling the job amid signs of renewing investor interest in Asian hedge funds, which have outperformed global peers since the beginning of 2012, according to Eurekahedge Pte. Investors added $4.1 billion to the region’s funds in first eight months, with the $1 billion August inflows eclipsing net new deposits into North American and European peers, the Singapore-based data provider said in a report earlier this month.
Trade journal AsiaHedge estimated Credit Suisse to have a $21.5 billion cut of Asia hedge-fund client assets in a survey released in May, second to Goldman Sachs Group Inc. It had 137 of sole and shared mandates, trailing Goldman Sachs, Morgan Stanley, Deutsche Bank AG and UBS AG, according to AsiaHedge, hinting at a focus on larger clients.
Velakacharla once headed Nomura’s prime brokerage capital introductions team in the region, according to the people and her LinkedIn profile. Credit Suisse is also recruiting another Hong Kong-based member for the capital services team to replace Annie Yangeksakul, who left earlier this year to join private-equity firm KKR & Co.’s Prisma fund-of-hedge-funds unit.
Aaron Pan, a Hong Kong-based spokesman for Nomura, declined to comment on Velakacharla’s departure.
Credit Suisse hired Lee from Goldman Sachs in January 2010 and promoted her to the current job in August 2012. She is taking a leave from the market, one of the people said.
Prime brokers also lend cash and securities, settle trades and advises hedge funds on regulatory and organizational matters.