CLSA Americas, the US arm of the Chinese-owned broker CLSA, is closing for business, according to people familiar with the matter.
The US office was set up in 1986, and focused on serving US funds looking to invest in Asia. In 2009, it started covering US equities too. Then, in 2013, Chinese banking giant CITIC Securities acquired CLSA, becoming the first Chinese brokerage to purchase a global financial institution, according to CLSA’s website.
The firm has offices in New York, Boston, Chicago, Dallas and San Francisco, according to its website. One person said the decision to close the US operation was unexpected.
The firm had a number of well-known analysts in the US, including banks analyst Mike Mayo, a fixture on the finance TV circuit.
In November, Citic announced it would combine CITIC Securities International Company Limited (CSI) and CLSA Limited under the CLSA brand. It said then that the two were combining “as China’s unique, off-shore financial platform with unmatched capabilities and coverage across 25 cities in the Asia Pacific, Europe and the Americas.”
Het bericht One of Asia’s top trading firms is shutting down in the US verscheen eerst op Business Insider.