FLAG acquiring Hong Kong firm

FLAG Capital Management L.L.C. is acquiring Squadron Capital, a Hong Kong private equity investment firm with $1.5 billion in assets under management.

Stamford-based FLAG Capital did not disclose what it paid Search Investment Group for its shares of Squadron Capital. The deal would increase FLAG Capital”™s assets under management to more than $6 billion.

According to the Wall Street Journal, the deal will add 20 employees for FLAG Capital in Asia, a year after a man it hired to lead its investment operations there died of a head injury.