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CLSA Asia-Pacific Markets
Type Private
Founded Hong Kong (1986)
Headquarters Hong Kong Hong Kong, China
Key people Jonathan Slone,
Chairman and CEO
Industry Diversified financials
Products Financial services
Employees 1,350 (2009)
Website www.clsa.com


CLSA Asia-Pacific Markets is one of the region’s largest and most highly rated independent equity brokers and financial-services groups, focused on providing broking, investment banking and asset management to corporate and institutional clients around the world.[1] [2]

Founded in 1986, CLSA has its headquarters in Hong Kong and offices or representatives in 15 cities across the Asia-Pacific region, as well as New York, London, San Francisco and Dubai. CLSA is majority owned (65%) by Crédit Agricole, France’s largest retail-banking group, with the remainder held by staff.

Unlike most of its competitors, CLSA is a research-driven agency broker.[3] It’s known for its annual investor forums (particularly the calibre of its keynote speakers and the star acts at its parties), as well as its unique reports, the hallmarks of which are colourful and sometimes irreverent “cartoon” covers[4] and analysis that goes beyond the numbers and ‘tells the story’ (a legacy of the journalism background of its founders). It has produced a number of seminal reports, including Billion Boomers and Mr & Mrs Asia.


Contents

[edit] History

In 1986, Winfull Laing & Cruickshank Securities began operations in Hong Kong, with former business journalist Jim Walker as chairman. The small brokerage was a 50-50 joint venture between the Woo Hon Fai family and Alexander Laing & Cruickshank.

Walker was soon joined by two other former journalists: Gary Coull, as head of the dealing room; and Malcolm Surry, as head of research. All three had worked at the South China Morning Post; neither Coull nor Surry had any experience in broking.

The following year, Crédit Lyonnais acquired Alexander Laing & Cruickshank and, after various iterations, Walker’s startup emerged in 1989 as Credit Lyonnais Securities (Asia). But relations with the French giant – which was about to be engulfed by a series of major financial scandals – soon became ‘impossible’, according to Coull, and he and Walker resigned. They were persuaded to return in exchange for a 35% stake in the company and guarantees of independence.

[edit] Founders

CLSA was founded by two former business journalists, Jim Walker (1949-2004) and Gary Coull (1954-2006). In September 2006, one month before he died, Coull was named one of the 50 most influential people in Asian financial history by FinanceAsia magazine.

[edit] Business structure

[edit] Broking

[edit] Investment banking

[edit] Asset management

[edit] Research

[edit] Corporate access

[edit] China joint venture

[edit] China Reality Research

[edit] CLSA U

[edit] Locations and staffing

With headquarters in Hong, CLSA has offices or representatives in 19 other cities around the world: Sydney (Australia), Beijing, Shanghai and Shenzhen (China), Mumbai and Pune (India), Jakarta (Indonesia), Tokyo (Japan), Seoul (Korea), Kuala Lumpur (Malaysia), Port Louis (Mauritius), Manila (Philippines), Singapore (Singapore), Taipei (Taiwan), Bangkok (Thailand), Dubai (United Arab Emirates), London (United Kingdom), New York and San Francisco (United States of America). Its 1,350 staff include more than 130 analysts covering 1,200 Asian companies across 13 sectors.


[edit] Ownership structure

CLSA is majority owned (65%) by Crédit Agricole, France’s largest retail-banking group, with the remainder held by staff.


[edit] Awards and rankings

2009

No.1 Overall Combined Research & Sales in Asia (ex Australia and Japan) 1990-2009, Asiamoney


2008

No.1 Overall Combined Research & Sales in Asia (ex Australia and Japan), Asiamoney

No.1 Overall Research for Asia (ex Australia & Japan), Asiamoney

No.1 Most Independent Research, Asiamoney

No.1 Best Strategist in Asia (ex Japan), Christopher Wood, Asiamoney

No.1 Overall Sales for Asia (ex Japan), Asiamoney

No.1 Best Overall Sales Services (ex Japan), Asiamoney

No.1 Best Overall Sales Services in Hong Kong, India, Indonesia and Thailand, Asiamoney

No.1 Best Regional Salesperson, Evelyn Moore, Asiamoney

No.1 Equity Strategy, Christopher Wood & team, Institutional Investor

No.2 Technology/IT Services & Software, Bhavtosh Vajpayee & team, Institutional Investor

No.3 Metals & Mining, Andrew Driscoll & team, Institutional Investor

No.3 The Philippines, Alfred Dy & team, Institutional Investor

No.3 Thailand, Andrew Stotz & team, Institutional Investor


2007

No.1 Overall Combined Research & Sales in Asia (ex Australia and Japan), Asiamoney

No.1 Most Independent Research Brokerage, Asiamoney

No.1 Best Overall Sales for Asia (ex Australia and Japan), Asiamoney

No.1 Best Team for Regional Sales (ex Australia and Japan), Asiamoney

No.1 Best Overall Sales Services in Hong Kong, India, Indonesia and Thailand, Asiamoney

No.1 Best Strategist in Asia (ex Japan), Christopher Wood, Asiamoney

No.1 Best Regional Salesperson, Vonnie Chan, Asiamoney

No.1 Equity Strategy, Christopher Wood & team, Institutional Investor


2006

No.1 Best Strategist in Asia (ex Japan), Christopher Wood, Asiamoney

No.1 Best Analyst for Telecommunication Services, Francis Cheung, Asiamoney

No.2 Best Economist, Jim Walker, Asiamoney

No.2 Best Regional Salesperson, Adeline Ma, Asiamoney

No.1 Most Accurate Research in Asia, Bloomberg

No.1 Most Accurate Researcher in Financials, Daniel Tabbush, Bloomberg

No.1 Leading Equity House in China, Thomson Extel Surveys

No.2 Equity Strategy, Christopher Wood & team, Institutional Investor

No.3 Indonesia, Nick Cashmore & team, Institutional Investor

No.3 Overall All-Asia Research Poll, Institutional Investor


2005

No.1 Equity Strategy, Christopher Wood & team, Institutional Investor

No.1 Small Cap Companies, Jason Wee & team, Institutional Investor

No.2 Indonesia, Nick Cashmore & team, Institutional Investor

No.2 Korea, Andrew Reynolds & team, Institutional Investor

No.3 Economics, Jim Walker & team, Institutional Investor

No.3 Hong Kong, Amar Gill & team, Institutional Investor

No.2 International Brokerage House in Asia - weighted by Tier One shares, The Asset

No.2 International Brokerage House in Asia - weighted by Tier One assets, The Asset


2004

No.1 Overall Combined Research & Sales in Asia (ex Australia and Japan), Asiamoney

No.1 Most Independent Research Brokerage, Asiamoney

No.1 Best Strategist in Asia (ex Japan), Christopher Wood, Asiamoney

No.1 Best Economist, Jim Walker, Asiamoney

No.1 Best Analyst for Banks, Daniel Tabbush, Asiamoney

No.1 Best Execution in India, Indonesia & Hong Kong, Asiamoney

No.1 Best Sales Trading in China, Hong Kong, India & Korea, Asiamoney

No.1 Equity Strategy, Christopher Wood & team, Institutional Investor

No.2 Economics, Jim Walker & team, Institutional Investor

No.2 Taiwan, Peter Sutton & team, Institutional Investor

[edit] Milestone research

The Real Pacific Century: Asia’s Billion Boomers

Saints and Sinners: Who’s got religion?

Capital Links: Taiwan: The world’s next big China play

Mr & Mrs Asia: An extraordinary survey of an extraordinary region


[edit] Innovations

Introduction of research reports that go beyond the numbers to 'tell the story', and the use of colourful and sometimes irreverent “cartoon” covers.

Establishment of China Reality Research, which independently monitors economic activity throughout mainland China by collecting and analysing grassroots data from about 100 cities.

Introduction of corporate-governance checks as a routine part of its analysis.

Introduction of a Watchdog monitor of corporate insider dealings.


[edit] Notable regular publications

Asia Maxima (Christopher Wood)

Bits & pieces (Damian Kestel)

GREED & fear (Christopher Wood)

Sinology (Andy Rothman)

Solid Ground (Russell Napier)

Eye on Asian economies (Eric Fishwick)


[edit] Key executives

Chairman and Chief Executive Officer: Jonathan Slone


[edit] Key strategists

Christopher Wood

Described by London’s Telegraph newspaper as ‘the first to predict the US sub-prime meltdown’,[5] Christopher Wood is best known for his weekly GREED & fear newsletter. He’s been ranked No.1 Asian equities strategist every year since 2002 by either Asiamoney or Institutional Investor and usually by both. A former finance journalist with the Far Eastern Economic Review and The Economist, Wood is also the author of Boom & Bust, The Bubble Economy and The End of Japan Inc. He also wrote the CLSA milestone research report, The Real Pacific Century: Asia’s Billion Boomers.


Andy Rothman

Eric Fishwick

Russell Napier


[edit] Controversies

Securities and Futures Commission reprimand (May 2004)[6]

Asiamoney “vote-rigging” email (2005)[7]

Allen Lam insider-trading conviction (July 2009)[8]


[edit] Community

CLSA Chairman’s Trust


[edit] Environment

[edit] CLSA Books

20 Years in Asia: Two decades of commitment

Anatomy of the Bear: Lessons from Wall Street’s four great bottoms, Russell Napier ISBN 9789628606795

Climb! The Pinstriped Backpack, Richard Pyvis ISBN 9789628606719

Islam & Economics: A productive partnership?, Richard Pyvis & Phillip Braun ISBN 9789889894221

Mr & Mrs Asia: An extraordinary survey of an extraordinary region ISBN 9789889894207

New beginnings: After the tsunami: The rebuilding of Lamreh Village, Aceh, Isla Rogers-Winarto and helen Vanwel

Tomorrow’s Gold: Asia’s age of discovery, Marc Faber ISBN 9789628606726



[edit] Sponsorships

CLSA Outward Bound Adventure Race

Singapore Slingers

[edit] CLSA sites

BlocSec

China Reality Research (requires subscription)

CLSA Asia-Pacific Markets

CLSA Capital Partners


[edit] External links

Boao Forum for Asia

Clinton Global Initiative

The Community Chest

Copenhagen Climate Council

Hong Kong International Coastal Cleanup Challenge

In memory of Gary Coull (1954-2006)

In memory of Jim Walker (1949-2004)

Operation Santa Claus

Oxfam Trailwalker


[edit] References

  1. ^ Gary Coull obituaries: The Times, [1] FT [2] and FinanceAsia [3]
  2. ^ Asiamoney Poll of Polls 2009 (requires subscription) [4]
  3. ^ Investopedia definition of agency broker [5]
  4. ^ Jon Berkeley and Alex Hughes are among the artists whose work has been used on CLSA reports over the years. 20 Years in Asia: Two decades of commitment reproduces some of the standout covers from 1986 to 2006.
  5. ^ Wood is regularly quoted in the finance press, but see The Telegraph: Chris Wood: the man who predicted the subprime crisis [6]
  6. ^ SFC reprimand [7]
  7. ^ Asiamoney: CLSA talks about that email (requires subscription) [8]
  8. ^ FT: Ex-CLSA banker admits HK insider trade [9]



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