CVC’s Zhu Quits to Lead Standard Chartered China

HONG KONG (Reuters) – Zhu Wei, a senior managing director of CVC Capital Partners, has resigned from the private equity firm to join Asia-focused bank Standard Chartered (STAN.L) (2888.HK), sources familiar with the situation said on Tuesday.

Zhu, who joined CVC’s Beijing office in July 2008 from Goldman Sachs (GS.N) Gao Hua Securities, a China investment banking joint venture of the Wall Street bank, would become the China head of Standard Chartered Private Equity, and likely still be based in Beijing, said the sources.

“Zhu Wei is Chen Fan’s replacement and the appointment shows that Standard Chartered is still keen to make private equity deals in the China market,” said one of the sources.

In April, Reuters reported that Chen Fan, a top China dealmaker for Standard Chartered Private Equity, had left the firm after clinching a series of property deals in China in the past few years, which took big paper losses in the financial crisis as global property price fell sharply.

CVC, founded in 1981 and headquartered in Luxembourg with a global network of 19 offices across Europe, Asia and the United States, is also suffering from some of its expensive investments in Asia.

No immediate replacement for Zhu’s position at CVC was made, said the sources.

Zhu, whose father was former postal and telecom minister and held other senior political positions for long time after retirement, was a managing director at Goldman Sachs Gao Hua, according to the sources.

The sources declined to be identified before an official announcement is made.

CVC confirmed Zhu’s departure without giving further details. Standard Chartered declined to comment.

Standard Chartered Private Equity typically invests between $10 million and $50 million in mid- to late-stage companies whose main operations are located in the Greater China region, South Korea, Southeast Asia and India, according to its website.

In China, investments include copper tube maker Golden Dragon Group and property developers Shimao Property Holdings Ltd (0813.HK) and Greentown China Holdings Ltd (3900.HK), according to Chinese media reports.

Standard Chartered Private Equity manages $1.5 billion in assets in Asia.

Before moving into the investment banking business, Zhu, an MBA graduate of the University of Chicago, was the long-time top boss for consultancy firm AT Kearney in the Greater China region.

By George Chen
(Additional reporting by Narayanan Somasundaram in Mumbai; Editing by Chris Lewis)