mCAPITAL strengthens team in preparation for fund launch

In preparation for its March launch, investment management company mCAPITAL has strengthened its management team. The company was set up by Mark Devonshire, the former co-head of the principal credit group (PCG), the independent proprietary investment unit at Merrill Lynch.

The mCAPITAL team will be made up of 14 experienced investment professionals, all of whom have worked with Devonshire in the last 16 years.

mCAPITAL's European and Asian Special Situations Fund aims to have assets under management of $300-$500 million at inception. It will focus on stressed, distressed, recovery and development capital in Europe and Asia with the objective of providing 15% or more annualised return over the economic cycle.

Banny Leung, a former director in the PCG at Merrill becomes a senior partner in Hong Kong responsible for Asian special situations. Leung joins a team which now numbers eight people, four in mCAPITAL's Hong Kong office and four in London.

The Hong Kong team will be joined by Miko Zhou, who will become an associate. She will be reunited with James Kwok, a former director in PCG who was appointed partner for Asian special situations in February. Devonshire, the company's CEO and chief investment officer, will be based in Hong Kong.

In London the mCAPITAL European investment team will be headed by Anthony Duyck, another alumni of Merrill's PCG, who will be a senior partner. Other appointees are James Enck, senior partner with specific responsibility for the telecom and technology sector; Jusdeep Judge, partner; and Heena Patel, business manager. All of them previously worked with Devonshire in PCG at Merrill.

Devonshire has 22 years' experience in global alternative asset markets and established the European and Asian operations of PCG at Merrill Lynch in 2003. Prior to that, he managed money for a number of banks, including Standard Bank in London and Hong Kong.

The fund will be based on the Harbour Capital platform, which will provide a full suite of support services, including the required regulatory licensing umbrella in London and Hong Kong, legal counsel, trading, risk control and settlement systems, as well as office premises in London.