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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. [edit] HistoryIn 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] FoundersCLSA 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 staffingWith 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 structureCLSA is majority owned (65%) by Crédit Agricole, France’s largest retail-banking group, with the remainder held by staff. [edit] Awards and rankings2009 No.1 Overall Combined Research & Sales in Asia (ex Australia and Japan) 1990-2009, Asiamoney
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
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
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
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
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 researchThe 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] InnovationsIntroduction 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 publicationsAsia 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 executivesChairman and Chief Executive Officer: Jonathan Slone [edit] Key strategistsChristopher 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.
Eric Fishwick Russell Napier [edit] ControversiesSecurities and Futures Commission reprimand (May 2004)[6] Asiamoney “vote-rigging” email (2005)[7] Allen Lam insider-trading conviction (July 2009)[8] [edit] Community[edit] Environment[edit] CLSA Books20 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] SponsorshipsCLSA Outward Bound Adventure Race [edit] CLSA sitesChina Reality Research (requires subscription) [edit] External linksHong Kong International Coastal Cleanup Challenge In memory of Gary Coull (1954-2006) In memory of Jim Walker (1949-2004) [edit] References
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