Vermillion Asset Management, a New York-based hedge fund firm, has reportedly set up a trading unit in the Shanghai free-trade zone.
Citing three people with direct knowledge of the matter, Bloomberg reported that the new entity will operate in commodities trading.
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The entity, in which Carlyle Group owns a 55% stake, will be headed by Ian McGuinn.
Global firms are opening their office in Shanghai Free Trade Zone to get the advantage of more relaxed regulation in the free-trade zone compared to the rest of mainland China.
Established in 2005 by Gilbert and Chris Nygaard, Vermillion operates in derivative and physical markets of agricultural commodities, energy, metals and freight.
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