Campbell Lutyens eyes China consolidation with ex-Ping An hire – exclusive

The placement agent and advisory firm hired Charlie Yan, a former managing director at Shanghai asset manager Fosun International, in its Hong Kong office.

Campbell Lutyens has appointed a China-focused principal to take advantage of growing fund manager consolidation in the country.

The placement agent hired Charlie Yan in its Hong Kong office, partner and co-head of Asia George Maltezos told Private Equity International. Yan, a former managing director at Shanghai asset manager Fosun International, previously served as a managing director at Ping An Insurance Group where he focused on private equity, private debt, mezzanine, and buyouts, according to his LinkedIn profile.

Asset management regulation introduced in April last year has made it harder for Chinese firms to raise RMB from domestic players.

“The longer-term impacts of regulatory changes and policy initiatives combined with the medium-term impacts around market volatility and US-China trade talks is exactly why we are investing,” Maltezos said.

“The market of near 25,000 registered private equity managers in China is starting to experience consolidation, which is entirely sensible following such a record growth in the industry over the last five years.”

Campbell Lutyens, which has 20 staff in Hong Kong and Singapore, has already helped Hong Kong’s Ascendent Capital collect $365 million for its 2012-vintage Fund I, which is focused on Greater China, and CITICPE reach the $2.2 billion hard-cap for its third and largest China-focused flagship last year. It is assisting Beijing’s Genesis Capital with its second fund and is advising on $8.8 billion of transactions for Asia-Pacific clients.

Campbell Lutyens is likely to make additional China-focused hires, Maltezos noted. The firm is also laying the groundwork for a Paris office due to the regulatory implications of Brexit and last year pushed further into the US with new offices in Chicago and Los Angeles.

Hong Kong-based China Everbright is among those eyeing more foreign capital after China’s regulatory crackdown. The asset manager – a subsidiary of state-owned conglomerate China Everbright Group – will raise the percentage of its foreign asset allocation and boost its dollar-denominated funds to maintain stable AUM growth this year.