Financial Times has reported that Credit Suisse has plugged a gap in its global private equity business by hiring a six-strong Asia-focused team from Ritchie Capital Management, a troubled US hedge fund company.
Harjit Bhatia, former head of Ritchie Capital’s Asian operation and a senior ex-General Electric executive, was named head of Credit Suisse’s Asian private equity arm, leading a team of eight investment professionals.
Analysts said it was rare for a bank to hire an entire team in what has become a tight market for Asian private equity talent.
Paul Calello, head of Credit Suisse’s Asian operation, said that persuading top Asian private equity talent to move to a new firm is a challenge, because the very best people do not want to miss out on their “carried interest” (their share of the profits generated from investments).