CLSA and Citic Securities Open Fixed-Income Unit in Londonby
CLSA Ltd., the Hong Kong-based brokerage owned by China’s Citic Securities Co., has set up a fixed-income, currencies and commodities desk in London for European clients seeking to invest in Asian products.
The sales and trading desk will initially serve clients looking to trade in the European time zone, Citic Securities and CLSA said in a joint statement Monday.
“Over the past 30 years, CLSA has built extensive client coverage in the U.K. and Europe,” Jonathan Slone, Chairman and Chief Executive Office of CLSA, said in the statement. “Alongside Citic Securities International, we can extend our product offerings from equities to bonds.”
European firms are cutting back their fixed-income businesses in London amid tougher capital requirements and stricter regulations. Banks including UBS Group AG, Deutsche Bank AG and Barclays Plc have sought to shrink the operations to rein in costs.
Citic Securities is under investigation in China on suspicion of violating regulations on the supervision and administration of securities firms, the company disclosed last week.