CLSA to remain a major banker for ‘belt and road’, says Citic Securities
- State-owned Citic Securities says it will continue to invest in CLSA to take advantage of opportunities arising from ‘belt and road’
- Zhang Youjun, chairman of both Citic Securities, expresses regret over resignation of CLSA chief executive Jonathan Slone
Citic Securities said it will continue to invest in its wholly owned international brokerage CLSA in an effort to grow its advisory and asset management capability in countries covered by China’s “Belt and Road Initiative”.
Zhang Youjun, chairman of both Citic Securities and CLSA, said senior management at the state-owned brokerage felt “regretful” and “sad” to see the departure of long-serving CLSA chief executive Jonathan Slone, who tendered his resignation on Wednesday citing “family reasons”.
Earlier in the week, media reports speculated about Slone’s departure, citing a culture clash at the brokerage amid an ongoing compensation overhaul.
“Jonathan has worked his whole life for CLSA, he has made a lot of contributions to Citic Securities, especially during the merger of two companies,” Zhang said, referring to Citic Securities’ 2013 acquisition of the Hong Kong brokerage from France’s Credit Agricole.
“I have tried to save Jonathan from leaving for a long time. It is regrettable that Jonathan has decided to resign, and I feel very sad about his departure.
“We will work together to seek a successor for the chief executive role,” Zhang said.