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Emerging markets investment: Former Merrill head joins Duet

Osman Semerci, Merrill Lynch’s former global head of fixed income, currencies and commodities, and co-president of the EMEA global markets and investment banking business, has joined $1.7 billion alternatives group Duet as its chief executive. Duet Group, which started in 2002 with just $10 million in a single fund, now has 14 funds, and is looking to further expand its range of strategies, in addition to growing its private equity business.

Last year, Duet added several new funds to its platform, including an equities special situation fund, a global macro fund, and a CTA fund. It also launched a long-only African tracker fund that invests in 10 countries. Co-founder and co-chairman Henry Gabay says it will also consider an emerging markets fund and a distressed fund if the time is right. "We’re building out funds based on individuals rather than the strategy itself," says Gabay. "So when we find a good team, we will expand."

Emerging markets are a strong focus for Duet, which was a factor in Semerci’s decision to join. "The emerging markets aspect was a big attraction, and the diversification of the firm," he says. "Duet is not a traditional hedge fund, but rather an alternatives business."

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