PHILIP Gray, formerly at GT Management Asia and a prominent figure in Asian fund management circles, has joined James Capel to head up its Asian operation. The new appointment becomes immediately effective. Mr Gray, who was managing director at GT in Hong Kong for 15 years, joins James Capel Asia and will be on the board of directors and management committee of James Capel and Co. Between 1972 and 1976 Mr Gray worked for James Capel in London. He began his career in securities with the company as a European analyst and then as an institutional salesman.