The former head of the mergers advisory unit of Morgan Stanley China has joined the ranks of Sailing Capital Management of Shanghai International Group Co. This was confirmed by an individual with knowledge of the move.
The individual is Michael Weiss, who resigned from Morgan Stanley early April to become partner of the Chinese private equity fund. The fund currently manages 12 billion yuan or US$1.9 billion with a focus on international investments. Weiss would be based out of Hong Kong.
Weiss joins the firm at the time that there has been a record 27% decline in the value of Chinese private equity agreements in 2012. This data was confirmed by Asian Venture Capital Journal as the deals totalled 473 transactions valued at US$21.9 billion.
Shanghai International, Sailing's mother firm, is the largest shareholder in Shanghai Pudong Development Bank Co is backed by the city government of Shanghai since its inception back in 2000.
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