International law firm Dechert has joined the race to China by recruiting private equity and venture capitalfocused Basil Hwang to manage a newly opened Hong Kong office.

Operating courtesy of an alliance signed with newly created Hwang & Co headed up by Hwang, Dechert will be able to advise on Hong Kong law and aims to build a leading US-focused private equity and investment funds practice, handling the full range of work from fund formations to exits, including M&A and capital raisings.

The office will be staffed by Basil Hwang and Dechert partner Keith Robinson, who will focus on the financial services and investment funds side of the business. Additionally, the firm is building up a team of associates to support the new Hong Kong partners, and other, US-based partners who will be regular visitors to the region on business.

Hwang spent a very brief stint at Paul Hastings Janofsky & Walker last year before agreeing to join incoming firm Dechert, having previously left O'Melveny & Myers. "I found something that was a much better fit," Hwang said. "Dechert has been wanting to set up in Hong Kong, in China and in Asia for some time, because there has been a pressing client need to be here; but, as always for them, it was really a matter of finding someone who was the right fit. They put out a search, and during that search I met them, and we reached the mutual decision that it would be a good fit," Hwang said.

The chosen focus of the firm will put Dechert in competition with rival US-focused funds practice in Hong Kong led by Effie Vasilopoulos at Sidley Austin. However, the exponential growth in Asian funds business gives both firms room to move.