Ascalon Capital Managers, the wholly-owned boutique fund manager which is part of Westpac, has hired Chuak Chan to lead its newly-established Asian operations.

Chan previously served as chief operating officer at Segantii Capital Management and has joined Ascalon at a time when the company is looking to source potential new investments in the region. For this new post, he will initially be based in Westpac's Hong Kong headquarters, working with the Securities and Futures Commission on licensing before finally launching the company itself in Hong Kong.

"While Ascalon's boutiques have grown in Australia, the market for some of our partners' strategies is far larger offshore and it's important that we seek to provide active offshore distribution to our partners," Andrew Landman, the company's chief executive, said in a statement.

"Asia, with the quality of absolute return managers and the access it provides to large US, European, Asian and Middle Eastern investors, will be a critical growth market for Ascalon and its partner firms," he added.

The Asian business model operates via partnerships with boutiques and investments into their respective businesses. At present, its investments include H3 Global Advisors, Continuum Capital Management, Helix Partners, and Arkx Investment Management.