Why should you care about CLSA? It has always been interesting; a distinctively punchy, research-led brokerage known for its style and verve, but does the Hong Kong-based institution matter on a global scale?
There are two reasons CLSA matters more than its size would suggest.
The first is the takeover of the business by Citic Securities, announced in 2012 and finally completed in 2013. After 20 years of watching international investment banks try to fight their way in to mainland China through restrictive joint venture structures they cannot control, this deal gives us the chance to watch the process in reverse: a big mainland brokerage going global and using a western house to do so.
CLSA is at the heart of China’s efforts to improve its ability to deploy and raise capital overseas; one of the most important market themes of the next 20 years.
It is a fascinating combination and not an obvious...
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