CLSA to leverage Citic access in global investment banking push

CLSA, the brokerage owned by Citic Securities, plans to expand into investment banking globally to build on its existing research and broking business.

Hong Kong-based CLSA plans to hire bankers next year to provide mergers advisory, equity capital markets services and the provision of debt to companies, said Andrew Low, the incoming head of the firm's international investment banking unit.

"We want to leverage off Citic's access into the Chinese market, and CLSA's strong position in research and trading in Asia, to build a first-tier investment bank globally," said Low, a former Macquarie Group chief operating officer, whose appointment was announced Monday.

CLSA, which provides equity broking, research and asset-management services, has more than 1,500 employees in 21 locations across Asia, Europe and the US. CLSA bought a stake in BTIG, a New York-based trading firm with more than 450 employees, in April this year. Citic Securities is China's largest brokerage by market value.

The firm is expanding in the US, Australia and Japan, Jonathan Slone, CLSA's chief executive officer, said in September.

Citic, based in Beijing, bought a 19.9 per cent stake in CLSA in 2012 for US$310.3 million and paid US$841.7 million for most of the rest of the firm in August 2013.