CLSA Japan Head of Equity Sales Alex Manse Said to Resign

Alex Manse resigned as head of Japan equity sales at CLSA Ltd. in Tokyo, according to people familiar with the matter.

Manse told the brokerage he was quitting last week, the people said, asking not to be named as the information is private. Florence Dery, a spokeswoman for CLSA in Hong Kong, declined to comment on staff moves.

The departure comes after CLSA’s takeover last year by Citic Securities Co., China’s largest brokerage by market value. Selling Japanese stocks has been a tough proposition in 2014: the benchmark Topix index slipped 2.6 percent this year, the worst performance among 24 developed markets tracked by Bloomberg. Foreign investors reduced holdings of Japanese shares in all but one month this year.

Citic became the sole owner of CLSA, excluding its Taiwan operation, last year after paying $841.7 million for the 80.1 percent stake it didn’t already own to Credit Agricole SA.

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