Asia market round up: Fang Fenglei moves on

The allure of private equity to senior banking figures is well documented: why run a business for a bank when you can run a fund for yourself?

Now the attraction has prised Fang Fenglei, the man with arguably the most generous job arrangement in Asian investment banking, from his day job.

Fang is chairman of Goldman Sachs Gao Hua, the joint venture that enables Goldman to play a part in domestic Chinese investment banking, including underwriting IPOs on the Shenzhen and Shanghai stock exchanges. Goldman owns only one-third of the venture, with the majority stake being held by a Chinese securities firm called Gao Hua Securities Company, in which Fang and partners own 75%.