Hong Kong: The world’s second biggest buyout firm, Carlyle Group, has hired Anand Balasubrahmanyan from Morgan Stanley to help expand in South-East Asia. Balasubrahmanyan was hired as a director and will take a new position leading a Carlyle Asia Partners team in Singapore, a release said on Thursday.
He spent 12 years in investment banking, most recently as executive director and head of global capital markets for South-East Asia at Morgan Stanley. “We are stepping up our efforts with a dedicated team based in Singapore under Anand’s leadership to pursue investments across the region, especially in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam,” said X.D. Yang, managing director and co-head of Carlyle Asia Partners, in the release.
The move by Washington, DC-based Carlyle follows the expansion in South-East Asia of boutique firms including 3i Group Plc. and Baring Private Equity Partners. Takeovers by private equity firms reached a record $37 billion (Rs1.46 trillion) in South-East Asia last year. The region’s economy may grow to 5.9% in 2008 from a forecast 5.6% this year, according to the Asian Development Bank. India’s economy may expand 8% this year, the bank said on its website.
Carlyle Asia Partners, established in 1997, manages $2.56 billion in the region. It has 33 investment professionals in six offices in Asia, excluding Japan.