Former partner of Asian fund-of-funds manager FLAG Squadron Asia, David Pierce, has joined German family office HQ Capital as a managing director and head of Asia, according to Pierce’s LinkedIn profiles.
Click here to see HQ Capital’s David Pierce on China Money Podcast
HQ Capital manages German industrialist Harald Quandt family’s financial services businesses. Together with asset management services provided to other family offices, the firm manages a total of US$18 billion, according to its website.
Pierce will be heading Herald Quandt’s Asian operations. A week ago, a former partner of FLAG Squadron, Jacob Chiu, also joined an investment arm of the Harald Quandt family, Auda International L.P., as its head of Asian business.
Auda invests exclusively in private equity through commingled primary funds-of-funds, secondary funds-of-funds and direct or co-investment funds. With offices in Bad Homburg, Germany, New York, London, Hong Kong and Shanghai, it manages over US$5.3 billion as of March 31, 2014.
In October 2012, FLAG Capital Management acquired Hong Kong-based Squadron Capital for an undisclosed amount.