The Chinese brokerage has recruited Unicorn Cao and Eric Yang to cover China sales according to two sources. Cao is joining from Nittan Securities in Hong Kong. Their arrivals follow the appointment last month of Henry Yip as a managing director and head of FICC flow sales. Yip joined from CCB International Holdings (CCBI), where he was head of fixed income sales, according to his LinkedIn profile.
The hires fill gaps created by a raft of departures earlier this year, when seven staff quit to join rivals.
The firm’s credit sales team bore the brunt of the exodus after CLSA’s owner Citic Securities cut the available balance sheet for the fixed income business. In March, more than half of the bond sales team left with Luke Yang and Gary Lam joining SMBC Nikko, while Tom Carlone quit to join bond trading platform Trumid XT.
The departures continue a period of upheaval that began in 2019 with what has been described as a ‘delayed culture clash’ as Beijing-based Citic began to exert more control over the firm it acquired in in 2013.
That led some to suggest that CLSA might pull back to Beijing, but the latest hires suggest the brokerage is still committed to Hong Kong.
Credit sales has been one of the hottest areas for recruitment in 2021, sparking a merry-go-round of talent. Jimmy Ye, who parted ways with SMBC in November 2020, has resurfaced as head of fixed income sales at CCBI, filling the gap vacated by Yip when he moved to CLSA.
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Alex Grodkiewicz on Unsplash