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SCMP Reporter

Christopher Heath - the man who made Barings a powerful name in the securities area - is about to start a concerted push in Asia through a new venture.

Caspian Securities is a fledgling securities, corporate finance and asset management vehicle which Mr Heath must be hoping will reinforce his image as a big hitter in the securities area in Asia.

Mr Heath founded Baring Securities and made it a famous success, both in Asia and elsewhere.

At its peak, the firm employed 1,400 people around the world, with a heavy presence in Southeast Asia.

Now, Mr Heath's new firm is using Hong Kong as the central base for an assault on a number of Asian markets including Singapore, South Korea, Indonesia and the Philippines.

Caspian has already opened an office in Jardine House in Hong Kong, and expects to have its dealing licence for the Stock Exchange of Hong Kong by December.

Mr Heath expects the approval of his organisation to trade on the exchange to give a boost to his firm's aspirations in other areas, particularly corporate finance.

It is clear from the firm's half-empty office in Hong Kong that Caspian's expansion push in Hong Kong and in Asia as a whole is still in its embryonic stages.

 There is no doubt that the man who generated huge profits - and ultimately, previously unheard of bonus payouts - for Baring Securities, has significant plans for Caspian.

He sees his new firm's niche as becoming a stand-alone operator in emerging markets in all of its areas.

He claims the firm will be the first international operator to concentrate solely on emerging markets - but is determined to keep it at a manageable size.

He predicts the firm will 'not be profitable until the third quarter of next year'.

 Mr Heath believes his latest moves in Asia as being the prelude to bigger things for his firm in the region.

A recent rights issue completed by the firm has brought Caspian's net assets to more than US$100 million. Much of the latest funding won by the firm is being used for expansion in Asia.

 Most of the firm's operations and offices are in Latin America, but Mr Heath says eastern Europe, Asia and, ultimately, other emerging markets like the Middle East, are equally crucial to the firm's future success.

Cross-border fund-raisings, and mergers and acquisition work will play an increasingly important role in the firm's future.



Caspian founder hopes to repeat prior success