Kellogg/HKUST-01

Congratulations to Dan Heyler (formerly senior director) on his promotion to managing director of Asian equity research at Merrill Lynch's Asia Pacific division.

Rachel Chiang writes: "After nearly 13 years as a direct investment specialist with AIG, I decided to set up my own private equity fund, which was raised and listed in June in London. The fund, Asia Retail Consumer Fund, focuses on investing in retail and consumer sectors in China and Asia, the area I have specialized in for more than a decade. The fund's first phase successfully raised $125 million. The fund already took a significant position in a landmark LBO transaction, the first LBO deal ever completed in China.