By Toby Lewis Of FINANCIAL NEWS U.K.-based 3i Group (III.LN) has shelved its local buyout team in Asia, it has emerged, joining a number of other Western private equity firms that have refocused their divisions in the region over the past 18 months. The head of the firm's Asian buyout team, David Osborne, left last month after its local buyout team in Singapore was merged with its growth capital business in the region in December, a spokeswoman said. She added the firm would still look to do buyouts in Asia but that these would be sourced by the local offices and conducted alongside the firm's global buyout team. The firm continues to have growth capital and infrastructure teams in the region, she added. Last year 3i's Asia chairman, Chris Rowlands, left the business. Other large firms have also refocused their operations in the region since the start of 2009. That year U.K. buyout house Candover pulled its Asian team as part of a strategic review of the business, while Merrill Lynch Global Private Equity disbanded its Japan office in April after the firm struggled to find deals, according to a source close to the situation. In February 2009, after just two years in Japan, turnaround firm Sun Capital Partners said it would close its Tokyo office. However, many firms believe in Asia's promise as one of the fastest growing regions in the world. Lucian Wu, head of Asia at secondaries firm Paul Capital, said: "Overall Asia is an attractive story from various perspectives such as growth or diversification. You may see some short term bumps along the way but the medium to long term trend is going up from the perspective of allocation of capital by global investors." Such optimism has seen recent new appointments to top positions in the region. This week Pacific Alliance Group recruit ex-TPG dealmaker Weijian Shan as chairman and chief executive, while U.S. bank Citigroup said is moving veteran private-equity banker Chris Laskowski back to Asia. Bain Capital also recently moved Walid Sarkis, one of its top European buyout executives to Hong Kong. Similarly in January Permira's head of Asia, Guido Paolo Gamucci, retired from the buyout firm and was replaced in the role by another top European executive Veronica Eng. Web site: www.efinancialnews.com (END) Dow Jones Newswires June 24, 2010 10:22 ET (14:22 GMT)