Ex-Squadron CEO joins Chiu at HQ Capital

David Pierce will head Harald Quandt’s Asia alternatives business where Squadron co-founder Jacob Chiu also resurfaced.

German family office Harald Quandt has appointed David Pierce as managing director and head of Asia at its private investment group HQ Capital to drive the firm’s business in the region, according to a statement.

Pierce joins from FLAG Squadron Asia, where he was a partner, and was formerly founding chief executive of Squadron Capital before it was acquired by FLAG in October 2012. Prior to launching Squadron in 2006, Pierce was senior managing director of Search Investment Group, a Hong Kong-based family investment office, responsible for the family’s global portfolio of direct investments and private equity funds.

At HQ Capital, Pierce will help grow the operations of the firm’s three alternative asset businesses, Auda International, Equita Management and Real Estate Capital Partners, focusing on developing investors and businesses, the statement said.

“I am delighted to join HQ Capital, the newest part of the Harald Quandt Family’s exceptional group of alternative investment firms. I have known representatives of the Harald Quandt Family for many years and hold them in very high regard,” Pierce commented.

He resurfaces at the firm a year after announcing his departure from FLAG Squadron and in the same week that Squadron co-founder and ex-FLAG Squadron partner Jacob Chiu emerged as head of Asia at HQ-owned Auda International, Private Equity International reported earlier.

In April, Myron Zhu joined FLAG Capital Management as a partner to co-head investment operations for FLAG Squadron Asia together with Wen Tan, an existing partner.

Chiu has now replaced Pak-seng Lai, formerly head of Asia at Auda, who has left the firm, a source close to the matter confirmed to PEI, although was unable to disclose his current activities.

The new appointment came as Auda opened an office in Shanghai, the firm’s second Asia office, to expand its investment research capabilities in China, the firm said in an earlier statement.

HQ Capital is part of the Harald Quandt Family’s holding of financial services companies, which has $16 billion assets under management. The entity HQ Capital has been formed to represent the Harald Quandt Family’s three alternative investment businesses, which together manage about $12 billion in assets.